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

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 412,878 shares of the software maker’s stock after buying an additional 23,341 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Shopify were worth $32,163,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Vident Investment Advisory LLC increased its holdings in shares of Shopify by 5.3% in the 1st quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock worth $447,000 after buying an additional 33 shares during the last quarter. Interchange Capital Partners LLC grew its holdings in Shopify by 7.1% during the 1st quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after purchasing an additional 34 shares during the last quarter. Ancora Advisors LLC grew its holdings in Shopify by 6.2% during the 1st quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock valued at $1,302,000 after purchasing an additional 69 shares during the last quarter. SVB Wealth LLC grew its holdings in Shopify by 14.0% during the 1st quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock valued at $445,000 after purchasing an additional 81 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its holdings in Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after purchasing an additional 82 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Wells Fargo & Company cut their price target on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Robert W. Baird upped their price target on shares of Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Mizuho upped their price target on shares of Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, UBS Group upped their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Four research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $78.00.

Shopify Price Performance

NYSE SHOP opened at $68.70 on Wednesday. The firm’s fifty day simple moving average is $77.45 and its two-hundred day simple moving average is $71.76. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market capitalization of $88.39 billion, a P/E ratio of 763.31 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Analysts forecast that Shopify Inc. will post 0.58 EPS for the current fiscal 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.