Sequoia Financial Advisors LLC Buys 19,977 Shares of Shopify Inc. (NYSE:SHOP)

Sequoia Financial Advisors LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 135.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,679 shares of the software maker's stock after purchasing an additional 19,977 shares during the period. Sequoia Financial Advisors LLC's holdings in Shopify were worth $2,701,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Baillie Gifford & Co. grew its position in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker's stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Long Walk Management LP lifted its stake in Shopify by 22.4% in the 4th quarter. Long Walk Management LP now owns 352,000 shares of the software maker's stock valued at $27,421,000 after purchasing an additional 64,500 shares during the last quarter. White Pine Investment CO bought a new position in Shopify in the 4th quarter valued at approximately $348,000. Allspring Global Investments Holdings LLC lifted its stake in Shopify by 39.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 259,686 shares of the software maker's stock valued at $20,230,000 after purchasing an additional 73,160 shares during the last quarter. Finally, Confluence Wealth Services Inc. lifted its stake in Shopify by 138.9% in the 4th quarter. Confluence Wealth Services Inc. now owns 12,038 shares of the software maker's stock valued at $938,000 after purchasing an additional 7,000 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHOP. ATB Capital lifted their price target on shares of Shopify from $105.00 to $110.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 14th. CIBC lifted their price target on shares of Shopify from $82.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. Barclays cut their price target on shares of Shopify from $70.00 to $68.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 14th. The Goldman Sachs Group lifted their target price on shares of Shopify from $67.00 to $75.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Finally, BNP Paribas downgraded shares of Shopify from a "neutral" rating to an "underperform" rating in a research note on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $77.38.

Shopify Stock Performance

Shopify stock traded down $1.58 during mid-day trading on Friday, hitting $69.99. 11,013,920 shares of the company's stock traded hands, compared to its average volume of 9,558,587. The firm has a 50 day moving average price of $78.22 and a 200 day moving average price of $71.17. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a market cap of $90.05 billion, a PE ratio of 794.87 and a beta of 2.22. Shopify Inc. has a one year low of $45.11 and a one year high of $91.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities analysts forecast that Shopify Inc. will post 0.57 EPS for the current 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.