PDS Planning Inc Increases Holdings in Shopify Inc. (NYSE:SHOP)

PDS Planning Inc lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,959 shares of the software maker’s stock after buying an additional 2,187 shares during the period. PDS Planning Inc’s holdings in Shopify were worth $1,165,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC raised its holdings in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the period. Wahed Invest LLC increased its stake in Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after purchasing an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Shopify in the 3rd quarter worth approximately $33,676,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.0 %

Shopify stock opened at $96.78 on Tuesday. The business’s fifty day simple moving average is $110.53 and its two-hundred day simple moving average is $98.94. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market capitalization of $125.31 billion, a price-to-earnings ratio of 62.44, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results 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 return on equity of 12.00% and a net margin of 22.74%. On average, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Morgan Stanley lifted their price target on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Monday, February 10th. UBS Group lifted their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price target on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler lifted their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $126.31.

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.