Shopify Inc. $SHOP Shares Newly Bought by William Blair Investment Management LLC

Key Points

• William Blair Investment Management opened a Shopify position in the third quarter, buying 287,043 shares valued at approximately $42.6 million.
• Shopify reported quarterly EPS of $0.49, above the $0.33 consensus estimate, while revenue rose 31.6% year over year to $3.74 billion.
• Analysts had a consensus “Moderate Buy” rating and an average price target of $178.82.

William Blair Investment Management LLC bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 287,043 shares of the software maker's stock, valued at approximately $42,568,000.

Other institutional investors have also recently made changes to their positions in the company. Norris Financial Group LLC purchased a new stake in Shopify during the 1st quarter valued at $1,586,000. Infusive Asset Management Inc. lifted its holdings in shares of Shopify by 27.4% during the 1st quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker's stock valued at $5,173,000 after buying an additional 9,374 shares during the period. OMERS ADMINISTRATION Corp lifted its holdings in shares of Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker's stock valued at $6,876,000 after buying an additional 9,096 shares during the period. Ninepoint Partners LP bought a new position in shares of Shopify during the 2nd quarter valued at $29,027,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock worth $998,137,000 after buying an additional 660,198 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of Shopify stock traded up $0.31 on Friday, hitting $147.09. 4,360,690 shares of the company's stock were exchanged, compared to its average volume of 8,820,674. The company has a 50-day simple moving average of $152.79 and a 200-day simple moving average of $130.34. The stock has a market capitalization of $189.25 billion, a PE ratio of 89.69, a PEG ratio of 3.49 and a beta of 2.65. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $180.88.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm had revenue of $3.74 billion during the quarter. During the same quarter last year, the company earned $0.34 earnings per share. The company's revenue for the quarter was up 31.6% on a year-over-year basis. On average, analysts expect that Shopify Inc. will post 1.48 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on SHOP shares. DA Davidson set a $180.00 price objective on Shopify and gave the stock a "buy" rating in a report on Tuesday, November 3rd. Barclays set a $145.00 price objective on Shopify and gave the company an "equal weight" rating in a research report on Thursday, August 6th. Mizuho set a $180.00 target price on Shopify in a report on Thursday, September 24th. Citizens Jmp raised their target price on Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. Finally, DZ Bank cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $178.82.

Shopify Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.