World Investment Advisors Buys 4,219 Shares of Shopify Inc. $SHOP

World Investment Advisors grew its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,727 shares of the software maker’s stock after purchasing an additional 4,219 shares during the period. World Investment Advisors’ holdings in Shopify were worth $3,972,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Norges Bank bought a new stake in Shopify in the second quarter worth $1,794,952,000. Jennison Associates LLC raised its stake in shares of Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after acquiring an additional 6,238,829 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after acquiring an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management grew its holdings in Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.8%

Shares of Shopify stock opened at $170.83 on Friday. The stock’s fifty day moving average price is $161.32 and its 200-day moving average price is $143.76. The firm has a market cap of $222.39 billion, a P/E ratio of 126.54, a P/E/G ratio of 6.28 and a beta of 2.82. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SHOP shares. TD Securities upgraded Shopify to a “hold” rating in a research report on Thursday, December 4th. Benchmark reissued a “buy” rating on shares of Shopify in a research note on Wednesday, December 3rd. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $198.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. KeyCorp increased their target price on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, BNP Paribas initiated coverage on shares of Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $168.69.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.