Flputnam Investment Management Co. Buys New Shares in Shopify Inc. (NYSE:SHOP)

Flputnam Investment Management Co. purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,857 shares of the software maker’s stock, valued at approximately $223,000.

Other large investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its position in Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Shopify by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after acquiring an additional 634,883 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify in the fourth quarter worth $414,365,000. TD Asset Management Inc raised its holdings in shares of Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock worth $389,052,000 after purchasing an additional 299,788 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Shopify by 6.5% during the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock valued at $339,750,000 after purchasing an additional 377,901 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SHOP shares. Wedbush reiterated a “neutral” rating and set a $68.00 price objective on shares of Shopify in a research note on Tuesday, February 13th. Barclays reduced their price target on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. The Goldman Sachs Group upped their price objective on Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday. Finally, StockNews.com downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Tuesday. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.00.

Shopify Stock Up 0.1 %

Shares of SHOP opened at $69.51 on Friday. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $76.77 and a two-hundred day simple moving average of $71.73. The company has a market capitalization of $89.43 billion, a PE ratio of 772.42 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, equities analysts forecast that Shopify Inc. will post 0.58 EPS for the current year.

Shopify Company Profile

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.