Cerity Partners LLC Purchases 22,689 Shares of Shopify Inc. (NYSE:SHOP)

Cerity Partners LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 99.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 45,582 shares of the software maker’s stock after buying an additional 22,689 shares during the period. Cerity Partners LLC’s holdings in Shopify were worth $3,551,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SHOP. Industrial Alliance Investment Management Inc. boosted its stake in Shopify by 292.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after purchasing an additional 82 shares in the last quarter. Turim 21 Investimentos Ltda. acquired a new stake in Shopify in the 1st quarter worth approximately $148,000. Fairfield Bush & CO. acquired a new stake in Shopify in the 1st quarter worth approximately $169,000. First Manhattan Co. boosted its stake in Shopify by 317.5% in the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock worth $177,000 after purchasing an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC raised its position in Shopify by 508.2% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock worth $201,000 after buying an additional 249 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 1.1 %

Shares of SHOP opened at $69.43 on Thursday. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The firm’s fifty day moving average is $77.14 and its two-hundred day moving average is $71.75. The stock has a market cap of $89.33 billion, a PE ratio of 771.53 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its 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. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Research analysts forecast that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SHOP shares. The Goldman Sachs Group raised their price target on shares of Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Roth Capital raised their price target on shares of Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Jefferies Financial Group raised their price target on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, January 5th. Wells Fargo & Company reduced their price target on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Finally, Truist Financial raised their price target on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, February 12th. Four research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Hold” and an average target price of $78.00.

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.