Parallel Advisors LLC Has $2.69 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Parallel Advisors LLC lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.7% during the fourth quarter, HoldingsChannel reports. The firm owned 25,267 shares of the software maker’s stock after selling 691 shares during the quarter. Parallel Advisors LLC’s holdings in Shopify were worth $2,687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. FMR LLC boosted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after acquiring an additional 484,561 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Shopify by 30.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 2.0 %

Shares of NYSE:SHOP opened at $96.78 on Tuesday. The business’s 50 day moving average is $110.53 and its 200 day moving average is $98.94. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market cap of $125.31 billion, a price-to-earnings ratio of 62.44, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Wedbush reiterated an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Monday, February 10th. Finally, Robert W. Baird boosted their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

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.