BlackRock Inc. boosted its holdings in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 103.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 359,863 shares of the software maker’s stock after buying an additional 183,326 shares during the period. BlackRock Inc.’s holdings in Shopify were worth $59,182,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SHOP. Parallel Advisors LLC grew its position in shares of Shopify by 28.8% during the third quarter. Parallel Advisors LLC now owns 1,646 shares of the software maker’s stock valued at $271,000 after purchasing an additional 368 shares in the last quarter. Keybank National Association OH grew its position in shares of Shopify by 12.5% during the third quarter. Keybank National Association OH now owns 3,703 shares of the software maker’s stock valued at $609,000 after purchasing an additional 412 shares in the last quarter. First Trust Advisors LP grew its position in shares of Shopify by 12.9% during the third quarter. First Trust Advisors LP now owns 4,057 shares of the software maker’s stock valued at $667,000 after purchasing an additional 465 shares in the last quarter. Intl Fcstone Inc. grew its position in shares of Shopify by 22.5% during the third quarter. Intl Fcstone Inc. now owns 2,591 shares of the software maker’s stock valued at $426,000 after purchasing an additional 476 shares in the last quarter. Finally, Comerica Bank grew its position in shares of Shopify by 8.1% during the third quarter. Comerica Bank now owns 8,289 shares of the software maker’s stock valued at $1,095,000 after purchasing an additional 618 shares in the last quarter. Institutional investors and hedge funds own 62.19% of the company’s stock.

Shares of NYSE:SHOP opened at $149.43 on Friday. The company has a quick ratio of 11.82, a current ratio of 11.82 and a debt-to-equity ratio of 0.01. Shopify Inc has a 12 month low of $111.09 and a 12 month high of $176.60. The stock has a market capitalization of $14.87 billion, a P/E ratio of -355.79 and a beta of 1.42.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Thursday, October 25th. The software maker reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.34. Shopify had a negative net margin of 6.93% and a negative return on equity of 4.26%. The firm had revenue of $270.06 million during the quarter, compared to the consensus estimate of $257.17 million. On average, sell-side analysts forecast that Shopify Inc will post -0.63 earnings per share for the current year.

A number of brokerages have recently weighed in on SHOP. Zacks Investment Research lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. DA Davidson upgraded Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Friday, December 21st. Wells Fargo & Co began coverage on Shopify in a research report on Tuesday, December 18th. They set an “outperform” rating and a $175.00 price objective for the company. Royal Bank of Canada raised their price objective on Shopify from $157.00 to $159.00 and gave the company a “sector perform” rating in a research report on Saturday, October 27th. Finally, Macquarie set a $185.00 price objective on Shopify and gave the company a “buy” rating in a research report on Friday, October 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $166.41.

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Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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