Zurcher Kantonalbank Zurich Cantonalbank Buys 23,341 Shares of Shopify Inc. (NYSE:SHOP)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 412,878 shares of the software maker's stock after acquiring an additional 23,341 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Shopify were worth $32,163,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SHOP. Fairfield Bush & CO. purchased a new stake in shares of Shopify during the 1st quarter worth about $169,000. Raymond James Trust N.A. grew its holdings in shares of Shopify by 26.5% during the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker's stock worth $510,000 after purchasing an additional 158 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Shopify by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker's stock worth $20,391,000 after purchasing an additional 592 shares during the period. Cetera Investment Advisers grew its holdings in shares of Shopify by 13.0% during the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker's stock worth $3,107,000 after purchasing an additional 527 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Shopify by 89.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker's stock worth $295,000 after purchasing an additional 206 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Robert W. Baird upped their price target on Shopify from $85.00 to $87.00 and gave the stock an "outperform" rating in a report on Wednesday, April 3rd. ATB Capital upped their price target on Shopify from $105.00 to $110.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 14th. Wedbush restated a "neutral" rating and issued a $68.00 price target on shares of Shopify in a report on Tuesday, February 13th. Needham & Company LLC restated a "hold" rating on shares of Shopify in a report on Tuesday. Finally, Truist Financial upped their price target on Shopify from $65.00 to $90.00 and gave the stock a "hold" rating in a report on Monday, February 12th. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $78.00.

Shopify Trading Up 1.1 %

Shares of NYSE:SHOP traded up $0.73 during midday trading on Wednesday, reaching $69.43. The company had a trading volume of 8,372,450 shares, compared to its average volume of 9,527,545. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The firm has a market cap of $89.33 billion, a price-to-earnings ratio of 771.53 and a beta of 2.22. The company has a fifty day simple moving average of $77.14 and a two-hundred day simple moving average of $71.75.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released 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. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Research analysts predict that Shopify Inc. will post 0.58 earnings per share for the current 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.