Erste Asset Management GmbH Purchases New Position in Shopify Inc. (NYSE:SHOP)

Erste Asset Management GmbH purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 55,000 shares of the software maker’s stock, valued at approximately $5,963,000.

Several other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new stake in shares of Shopify in the fourth quarter valued at $132,323,000. Swiss National Bank raised its stake in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after acquiring an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC lifted its position in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. Truist Financial boosted their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Royal Bank of Canada boosted their target price on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Piper Sandler raised their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Oppenheimer boosted their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 target price on shares of Shopify in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Down 6.2 %

NYSE:SHOP opened at $90.51 on Friday. The company has a market cap of $117.19 billion, a P/E ratio of 58.39, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The business has a 50 day moving average price of $111.17 and a two-hundred day moving average price of $98.29.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

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.