Hillsdale Investment Management Inc. Has $64.02 Million Position in Shopify Inc. (NYSE:SHOP)

Hillsdale Investment Management Inc. raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 610.1% in the 4th quarter, Holdings Channel reports. The firm owned 602,134 shares of the software maker’s stock after purchasing an additional 517,339 shares during the quarter. Shopify comprises about 3.2% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Hillsdale Investment Management Inc.’s holdings in Shopify were worth $64,015,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Thrivent Financial for Lutherans lifted its position in Shopify by 100.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock valued at $7,086,000 after purchasing an additional 44,345 shares during the last quarter. Pathstone Holdings LLC grew its position in Shopify by 3.8% in the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock worth $5,514,000 after purchasing an additional 2,487 shares during the last quarter. Prospera Financial Services Inc increased its stake in shares of Shopify by 1.7% in the third quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 349 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $98,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Shopify by 11.2% during the third quarter. First Horizon Advisors Inc. now owns 6,485 shares of the software maker’s stock worth $520,000 after buying an additional 654 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 target price on shares of Shopify in a research note on Wednesday, February 12th. The Goldman Sachs Group lifted their price objective on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a report on Tuesday, February 11th. CIBC raised their target price on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, UBS Group upped their price target on shares of Shopify from $110.00 to $125.00 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 given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

SHOP opened at $104.29 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business has a 50-day moving average of $110.04 and a 200-day moving average of $99.33. The company has a market capitalization of $135.04 billion, a PE ratio of 67.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

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.