Quantbot Technologies LP Invests $6.50 Million in Shopify Inc. (NYSE:SHOP)

Quantbot Technologies LP bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 61,155 shares of the software maker’s stock, valued at approximately $6,503,000.

A number of other institutional investors also recently modified their holdings of the company. Mindset Wealth Management LLC raised its position in shares of Shopify by 20.0% during the fourth quarter. Mindset Wealth Management LLC now owns 3,000 shares of the software maker’s stock worth $319,000 after purchasing an additional 500 shares during the period. TD Private Client Wealth LLC grew its holdings in Shopify by 5.9% during the fourth quarter. TD Private Client Wealth LLC now owns 16,281 shares of the software maker’s stock worth $1,731,000 after buying an additional 905 shares in the last quarter. Independent Solutions Wealth Management LLC grew its stake in Shopify by 1.9% in the 4th quarter. Independent Solutions Wealth Management LLC now owns 39,873 shares of the software maker’s stock valued at $4,240,000 after purchasing an additional 729 shares during the period. Ballast Advisors LLC bought a new position in Shopify in the 4th quarter valued at $219,000. Finally, Semanteon Capital Management LP bought a new position in Shopify in the 4th quarter valued at $1,451,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SHOP shares. JMP Securities restated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Scotiabank increased their price target on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Finally, UBS Group increased their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

Shares of SHOP opened at $104.29 on Friday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market capitalization of $135.04 billion, a price-to-earnings ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60. The company has a 50-day moving average of $110.04 and a 200 day moving average of $99.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.