Advisors Capital Management LLC Buys Shares of 2,001 Shopify Inc. (NYSE:SHOP)

Advisors Capital Management LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,001 shares of the software maker’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sagespring Wealth Partners LLC acquired a new stake in Shopify during the fourth quarter worth about $547,000. Next Century Growth Investors LLC grew its holdings in shares of Shopify by 47.7% during the fourth quarter. Next Century Growth Investors LLC now owns 24,783 shares of the software maker’s stock valued at $2,635,000 after purchasing an additional 7,999 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Shopify by 298.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 642,229 shares of the software maker’s stock worth $68,280,000 after purchasing an additional 481,170 shares during the period. Argent Trust Co bought a new stake in shares of Shopify in the 4th quarter worth approximately $603,000. Finally, Legacy Financial Advisors Inc. boosted its position in Shopify by 7.2% during the 4th quarter. Legacy Financial Advisors Inc. now owns 11,200 shares of the software maker’s stock valued at $1,191,000 after purchasing an additional 749 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Royal Bank of Canada set a $145.00 target price on Shopify and gave the stock an “outperform” rating in a research report on Friday, March 21st. Loop Capital cut their price objective on shares of Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday. Scotiabank upped their target price on shares of Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. CIBC lifted their price target on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Mizuho decreased their price objective on Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $121.51.

Shopify Price Performance

Shopify stock opened at $83.96 on Thursday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm’s 50 day simple moving average is $101.99 and its 200-day simple moving average is $101.40. The company has a market cap of $108.71 billion, a P/E ratio of 54.17, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

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 the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal 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.