World Investment Advisors Purchases 4,219 Shares of Shopify Inc. $SHOP

World Investment Advisors grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.7% during the third quarter, Holdings Channel reports. The institutional investor owned 26,727 shares of the software maker’s stock after acquiring an additional 4,219 shares during the quarter. World Investment Advisors’ holdings in Shopify were worth $3,972,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Shopify during the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC increased its position in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Shopify by 5,193.6% during the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its stake in Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research analyst reports. TD Securities upgraded Shopify to a “hold” rating in a research note on Thursday, December 4th. TD Cowen restated a “hold” rating and set a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. BMO Capital Markets lifted their target price on shares of Shopify from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 5th. Royal Bank Of Canada boosted their target price on shares of Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $198.00 price target (up previously from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. Based on data from MarketBeat, Shopify has a consensus rating of “Hold” and an average price target of $168.69.

Shopify Stock Up 0.8%

Shares of SHOP stock opened at $170.83 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock has a market cap of $222.39 billion, a PE ratio of 126.54, a price-to-earnings-growth ratio of 6.28 and a beta of 2.82. The business has a 50-day simple moving average of $161.32 and a 200-day simple moving average of $143.76.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.