Metis Global Partners LLC Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Metis Global Partners LLC grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,083 shares of the software maker’s stock after buying an additional 3,260 shares during the period. Metis Global Partners LLC’s holdings in Shopify were worth $4,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Forte Capital LLC ADV acquired a new stake in Shopify during the fourth quarter worth about $246,000. Vestmark Advisory Solutions Inc. increased its position in Shopify by 2,264.5% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 166,626 shares of the software maker’s stock worth $12,980,000 after purchasing an additional 159,579 shares during the last quarter. AJOVista LLC acquired a new stake in Shopify during the fourth quarter worth about $646,000. Sapient Capital LLC acquired a new stake in Shopify during the fourth quarter worth about $477,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Shopify by 43.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 20,685 shares of the software maker’s stock valued at $1,611,000 after acquiring an additional 6,311 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SHOP shares. Loop Capital dropped their price target on shares of Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 15th. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. CIBC raised their price objective on shares of Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. The Goldman Sachs Group raised their price objective on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Finally, Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the company from $93.00 to $105.00 in a research note on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Hold” and an average price target of $79.00.

Shopify Price Performance

Shares of NYSE:SHOP traded up $2.91 on Monday, reaching $77.37. 10,938,979 shares of the company were exchanged, compared to its average volume of 9,262,604. The firm has a market cap of $99.54 billion, a price-to-earnings ratio of 827.43 and a beta of 2.20. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a 50-day moving average of $74.73 and a 200-day moving average of $73.42. 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 released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Equities analysts forecast that Shopify Inc. will post 0.59 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.