Shopify Inc. (NYSE:SHOP) Shares Purchased by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 137.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,205 shares of the software maker’s stock after acquiring an additional 14,027 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Shopify were worth $2,574,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Cerity Partners LLC raised its stake in shares of Shopify by 35.8% in the 3rd quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock valued at $6,891,000 after purchasing an additional 22,667 shares in the last quarter. Centaurus Financial Inc. acquired a new stake in Shopify during the third quarter valued at approximately $104,000. Dynamic Technology Lab Private Ltd bought a new position in Shopify during the 3rd quarter worth approximately $660,000. Brown Brothers Harriman & Co. bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $274,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Shopify during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SHOP. Scotiabank boosted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 10th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 target price on shares of Shopify in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

Shopify stock opened at $104.32 on Thursday. The company has a 50 day moving average price of $110.36 and a 200 day moving average price of $100.34. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a market capitalization of $135.07 billion, a price-to-earnings ratio of 67.30, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.