OVERSEA CHINESE BANKING Corp Ltd Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 98.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,644 shares of the software maker’s stock after acquiring an additional 6,276 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Shopify were worth $1,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC grew its holdings in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the period. National Bank of Canada FI grew its holdings in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after purchasing an additional 1,325,350 shares during the period. Finally, Jennison Associates LLC bought a new position in Shopify during the fourth quarter valued at $132,323,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 8.2 %

SHOP opened at $101.69 on Thursday. The company has a market cap of $131.66 billion, a P/E ratio of 65.60, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business’s 50-day moving average price is $110.15 and its 200-day moving average price is $99.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. Equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of analyst reports. Jefferies Financial Group raised their price target on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday, February 18th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Royal Bank of Canada raised their price target on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. CIBC raised their price target on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Citigroup raised their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.