Shopify Inc. (NYSE:SHOP) Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 610.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 602,134 shares of the software maker’s stock after acquiring an additional 517,339 shares during the period. Shopify comprises 3.2% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 4th largest holding. Hillsdale Investment Management Inc.’s holdings in Shopify were worth $64,015,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tidemark LLC grew its holdings in shares of Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after buying an additional 90 shares in the last quarter. Howland Capital Management LLC grew its holdings in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after buying an additional 99 shares in the last quarter. Trust Co. of Vermont grew its holdings in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after buying an additional 100 shares in the last quarter. First United Bank & Trust grew its holdings in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after buying an additional 100 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after buying an additional 105 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent research reports. Oppenheimer lifted their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” 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 target for the company in a report on Monday, February 10th. Canaccord Genuity Group lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday, February 12th. Finally, Royal Bank of Canada set a $145.00 target price on shares of Shopify and gave the company an “outperform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

SHOP opened at $104.29 on Friday. The stock has a market capitalization of $135.04 billion, a PE ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. The firm’s fifty day moving average price is $110.04 and its 200 day moving average price is $99.33. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, equities research analysts forecast 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.