K.J. Harrison & Partners Inc Invests $404,000 in Shopify Inc. (NYSE:SHOP)

K.J. Harrison & Partners Inc purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,175 shares of the software maker’s stock, valued at approximately $404,000.

Several other hedge funds have also recently modified their holdings of the stock. Exchange Traded Concepts LLC raised its holdings in Shopify by 59.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 21,140 shares of the software maker’s stock valued at $1,154,000 after acquiring an additional 7,869 shares during the last quarter. Strategic Blueprint LLC raised its holdings in Shopify by 5.8% in the 3rd quarter. Strategic Blueprint LLC now owns 6,129 shares of the software maker’s stock valued at $334,000 after acquiring an additional 337 shares during the last quarter. Asset Management One Co. Ltd. acquired a new stake in Shopify in the 3rd quarter valued at about $47,000. Simplicity Solutions LLC raised its holdings in Shopify by 13.9% in the 3rd quarter. Simplicity Solutions LLC now owns 9,097 shares of the software maker’s stock valued at $496,000 after acquiring an additional 1,110 shares during the last quarter. Finally, Clarius Group LLC acquired a new stake in shares of Shopify during the 3rd quarter worth approximately $270,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock traded up $0.78 during trading on Friday, reaching $71.33. 4,611,766 shares of the company were exchanged, compared to its average volume of 7,677,671. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market cap of $91.77 billion, a P/E ratio of 792.64 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The stock’s 50 day moving average price is $75.28 and its 200 day moving average price is $72.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. As a group, analysts predict that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SHOP shares. Truist Financial raised their price target on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, February 12th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Jefferies Financial Group increased their price objective on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, January 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, April 16th. Finally, Wedbush reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Shopify in a research report on Tuesday, February 13th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus target price of $78.30.

Shopify Company 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.