Biondo Investment Advisors LLC Boosts Position in Shopify Inc. (NYSE:SHOP)

Biondo Investment Advisors LLC raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 28,824 shares of the software maker’s stock after acquiring an additional 965 shares during the period. Biondo Investment Advisors LLC’s holdings in Shopify were worth $3,065,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. lifted its holdings in shares of Shopify by 100.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 6,840 shares of the software maker’s stock valued at $727,000 after purchasing an additional 3,422 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Shopify by 2.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,170,866 shares of the software maker’s stock valued at $230,852,000 after buying an additional 56,296 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Shopify by 3.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 57,051 shares of the software maker’s stock valued at $6,068,000 after acquiring an additional 1,664 shares during the period. Norges Bank purchased a new position in shares of Shopify during the fourth quarter worth approximately $1,542,262,000. Finally, Blair William & Co. IL increased its holdings in shares of Shopify by 2.1% in the 4th quarter. Blair William & Co. IL now owns 467,025 shares of the software maker’s stock valued at $49,659,000 after acquiring an additional 9,819 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $96.51 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $124.96 billion, a price-to-earnings ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. The stock has a fifty day moving average of $110.21 and a two-hundred day moving average of $100.55.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 net margin of 22.74% and a return on equity of 12.00%. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SHOP. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the stock an “outperform” rating in a research note on Friday, March 21st. The Goldman Sachs Group raised their price target on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Morgan Stanley lifted their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Barclays upped their price target on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify 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.