Pitcairn Co. Has $1.60 Million Holdings in Shopify Inc. (NYSE:SHOP)

Pitcairn Co. decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,046 shares of the software maker’s stock after selling 1,303 shares during the quarter. Pitcairn Co.’s holdings in Shopify were worth $1,600,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Shopify during the fourth quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. grew its holdings in Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after acquiring an additional 3,849,796 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Shopify by 30.2% in the 4th 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 acquiring an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Shopify by 30.2% during the fourth quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker’s stock valued at $748,799,000 after acquiring an additional 1,627,776 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent research reports. The Goldman Sachs Group increased their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Scotiabank increased their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Morgan Stanley lifted their price objective on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Royal Bank of Canada set a $145.00 target price on shares of Shopify and gave the company an “outperform” rating in a research report on Friday, March 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Price Performance

Shares of SHOP stock opened at $82.29 on Friday. The firm has a 50-day moving average of $109.29 and a 200-day moving average of $101.20. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market cap of $106.55 billion, a P/E ratio of 53.09, a P/E/G ratio of 4.82 and a beta of 2.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 net margin of 22.74% and a return on equity of 12.00%. As a group, research analysts expect that Shopify Inc. will post 1.12 earnings per share 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.