Wallace Advisory Group LLC Increases Holdings in Shopify Inc. (NYSE:SHOP)

Wallace Advisory Group LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,358 shares of the software maker’s stock after buying an additional 3,687 shares during the period. Shopify comprises 1.0% of Wallace Advisory Group LLC’s investment portfolio, making the stock its 24th largest position. Wallace Advisory Group LLC’s holdings in Shopify were worth $1,420,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. Truvestments Capital LLC purchased a new position in Shopify in the 3rd quarter worth approximately $45,000. Finally, GAMMA Investing LLC increased its stake in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $101.67 on Tuesday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $131.37 billion, a P/E ratio of 95.02, a P/E/G ratio of 2.98 and a beta of 2.46. The stock has a 50-day moving average price of $107.82 and a 200 day moving average price of $84.79.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SHOP. KeyCorp lifted their price objective on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Scotiabank lifted their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $100.31.

About Shopify

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.