287,043 Shares in Shopify Inc. $SHOP Purchased by William Blair Investment Management LLC

William Blair Investment Management LLC bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 287,043 shares of the software maker’s stock, valued at approximately $42,568,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Signal Advisors Wealth LLC lifted its holdings in Shopify by 0.5% during the third quarter. Signal Advisors Wealth LLC now owns 12,589 shares of the software maker’s stock valued at $1,867,000 after purchasing an additional 60 shares in the last quarter. Canopy Partners LLC boosted its position in shares of Shopify by 3.0% in the third quarter. Canopy Partners LLC now owns 2,109 shares of the software maker’s stock worth $313,000 after purchasing an additional 61 shares during the period. Midway Capital Research & Management increased its stake in shares of Shopify by 0.5% in the third quarter. Midway Capital Research & Management now owns 14,008 shares of the software maker’s stock worth $2,077,000 after purchasing an additional 65 shares in the last quarter. Eagle Wealth Advisors LLC increased its stake in shares of Shopify by 3.0% in the third quarter. Eagle Wealth Advisors LLC now owns 2,330 shares of the software maker’s stock worth $346,000 after purchasing an additional 67 shares in the last quarter. Finally, Asset One Wealth Management LLC increased its stake in shares of Shopify by 0.3% in the third quarter. Asset One Wealth Management LLC now owns 24,060 shares of the software maker’s stock worth $3,568,000 after purchasing an additional 69 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Rothschild & Co Redburn set a $130.00 price objective on shares of Shopify and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Shopify in a report on Wednesday, November 4th. Cantor Fitzgerald cut their price target on Shopify from $158.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, November 4th. Wedbush reiterated an “outperform” rating and issued a $176.00 price target on shares of Shopify in a research note on Wednesday, November 4th. Finally, Argus reissued a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $178.82.

Shopify Price Performance

Shares of SHOP stock traded up $0.31 during mid-day trading on Friday, hitting $147.09. The company had a trading volume of 4,360,690 shares, compared to its average volume of 8,820,674. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $180.88. The stock’s 50 day moving average price is $152.79 and its 200-day moving average price is $130.34. The company has a market capitalization of $189.25 billion, a P/E ratio of 89.69, a P/E/G ratio of 3.49 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The firm had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. Shopify’s revenue was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.34 EPS. On average, equities research analysts expect that Shopify Inc. will post 1.48 earnings per share for the current year.

Shopify Company 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.