Bridgefront Capital LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Bridgefront Capital LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 10,008 shares of the software maker's stock, valued at approximately $1,064,000.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Shopify during the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership increased its stake in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. raised its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the period. Marshall Wace LLP lifted its stake in shares of Shopify by 623.8% in the 4th 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 during the last quarter. Finally, FIL Ltd boosted its holdings in shares of Shopify by 11.9% in the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after purchasing an additional 1,682,326 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SHOP shares. Deutsche Bank Aktiengesellschaft raised their price target on Shopify from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Morgan Stanley dropped their price target on shares of Shopify from $144.00 to $106.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. National Bankshares reduced their price objective on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. DA Davidson dropped their target price on Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Robert W. Baird increased their price target on 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, sixteen have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $116.00.

Shopify Stock Performance

NYSE:SHOP traded down $0.24 during mid-day trading on Thursday, hitting $94.26. 36,442,922 shares of the company's stock traded hands, compared to its average volume of 9,241,247. The company has a market capitalization of $122.05 billion, a P/E ratio of 60.81, a P/E/G ratio of 4.82 and a beta of 2.66. The company has a fifty day moving average of $93.73 and a 200 day moving average of $102.58. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Thursday, May 8th. The software maker reported ($0.53) EPS for the quarter, missing the consensus estimate of $0.26 by ($0.79). Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. On average, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.