Cynosure Group LLC Takes $594,000 Position in Shopify Inc. $SHOP

Cynosure Group LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,000 shares of the software maker’s stock, valued at approximately $594,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Shopify by 2.8% in the second quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock valued at $5,688,053,000 after buying an additional 1,354,415 shares during the period. Norges Bank bought a new position in shares of Shopify in the 2nd quarter worth $1,794,952,000. Loomis Sayles & Co. L P grew its stake in shares of Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Jennison Associates LLC grew its stake in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 2.3%

Shopify stock opened at $157.20 on Monday. The stock has a market capitalization of $204.65 billion, a PE ratio of 116.44, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a 50 day moving average of $160.94 and a 200-day moving average of $146.14.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SHOP shares. Benchmark restated a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. BNP Paribas Exane began coverage on shares of Shopify in a research note on Monday, November 24th. They set a “neutral” rating on the stock. Wedbush reaffirmed an “outperform” rating and issued a $185.00 target price (up previously from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Bank of America increased their target price on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Finally, Canaccord Genuity Group lifted their price target on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus 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.