Sumitomo Mitsui DS Asset Management Company Ltd Invests $247,000 in Shopify Inc. (NYSE:SHOP)

Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 3,176 shares of the software maker’s stock, valued at approximately $247,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SHOP. StoneCrest Wealth Management Inc. acquired a new position in shares of Shopify during the 4th quarter worth $1,164,000. Asset Management One Co. Ltd. grew its position in Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after buying an additional 34,624 shares during the period. SeaCrest Wealth Management LLC purchased a new position in Shopify in the fourth quarter valued at about $433,000. Bleakley Financial Group LLC lifted its position in shares of Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after acquiring an additional 1,681 shares during the period. Finally, Advisor Resource Council purchased a new stake in shares of Shopify during the 4th quarter worth approximately $1,488,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SHOP shares. National Bankshares raised their price objective on Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Robert W. Baird boosted their price objective on shares of Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 3rd. Citigroup dropped their target price on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Finally, Roth Capital upped their price target on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Shopify has a consensus rating of “Hold” and a consensus target price of $78.30.

Shopify Stock Down 2.4 %

Shares of NYSE SHOP opened at $70.55 on Friday. The stock has a fifty day moving average price of $75.48 and a 200 day moving average price of $72.38. The company has a market cap of $90.77 billion, a P/E ratio of 783.98 and a beta of 2.22. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Research analysts anticipate that Shopify Inc. will post 0.58 EPS for the current fiscal year.

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.