Benchstone Capital Management LP Acquires Shares of 233,647 Shopify Inc. (NYSE:SHOP)

Benchstone Capital Management LP purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 233,647 shares of the software maker's stock, valued at approximately $24,844,000. Shopify makes up approximately 2.6% of Benchstone Capital Management LP's portfolio, making the stock its 18th largest holding.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Shopify in the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after purchasing an additional 3,849,796 shares during the period. Marshall Wace LLP raised its stake in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, FIL Ltd grew its stake in Shopify by 11.9% during the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after buying an additional 1,682,326 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SHOP shares. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday. Canaccord Genuity Group raised their target price on Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their price target on Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. CIBC upped their price objective on Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, ATB Capital lifted their target price on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $116.00.

Shopify Stock Down 4.6 %

Shopify stock traded down $4.55 during midday trading on Tuesday, hitting $93.83. 12,955,438 shares of the stock were exchanged, compared to its average volume of 9,315,175. The stock has a market capitalization of $121.49 billion, a price-to-earnings ratio of 60.54, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business's 50-day moving average price is $94.07 and its 200-day moving average price is $102.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.