Van ECK Associates Corp Purchases 7,615 Shares of Shopify Inc. (NYSE:SHOP)

Van ECK Associates Corp raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,444 shares of the software maker’s stock after buying an additional 7,615 shares during the period. Van ECK Associates Corp’s holdings in Shopify were worth $5,258,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Shopify in the 4th quarter valued at $132,323,000. Swiss National Bank boosted its position in Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC grew its stake in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP opened at $129.20 on Wednesday. The company has a market capitalization of $166.94 billion, a P/E ratio of 120.75, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm’s 50 day simple moving average is $112.16 and its two-hundred day simple moving average is $93.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Research analysts expect that Shopify Inc. will post 0.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. TD Securities lifted their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. DA Davidson upped their price target on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, New Street Research initiated coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $126.31.

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.