Shopify Inc. $SHOP Shares Bought by Cerity Partners LLC

Cerity Partners LLC raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 116,464 shares of the software maker’s stock after buying an additional 6,009 shares during the period. Cerity Partners LLC’s holdings in Shopify were worth $17,308,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after acquiring an additional 1,354,415 shares in the last quarter. Norges Bank acquired a new position in Shopify in the 2nd quarter valued at about $1,794,952,000. Loomis Sayles & Co. L P increased its stake in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Jennison Associates LLC lifted its position in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the subject of a number of research reports. Zacks Research cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Benchmark reissued a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. BNP Paribas assumed coverage on shares of Shopify in a research note on Monday, November 24th. They issued a “neutral” rating for the company. Canaccord Genuity Group increased their price objective on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, BNP Paribas Exane began coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify Trading Down 2.3%

Shares of NASDAQ:SHOP opened at $164.48 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The company’s 50 day moving average is $160.02 and its two-hundred day moving average is $147.67. The company has a market cap of $214.13 billion, a PE ratio of 121.84, a P/E/G ratio of 5.00 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.