Shopify Inc. (NYSE:SHOP) Shares Purchased by StoneCrest Wealth Management Inc.

StoneCrest Wealth Management Inc. raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,825 shares of the software maker’s stock after acquiring an additional 774 shares during the quarter. StoneCrest Wealth Management Inc.’s holdings in Shopify were worth $1,151,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empirical Asset Management LLC lifted its stake in shares of Shopify by 33.4% during the fourth quarter. Empirical Asset Management LLC now owns 5,170 shares of the software maker’s stock valued at $550,000 after buying an additional 1,295 shares during the period. Salvus Wealth Management LLC grew its stake in Shopify by 2.9% in the 4th quarter. Salvus Wealth Management LLC now owns 6,585 shares of the software maker’s stock worth $700,000 after acquiring an additional 185 shares during the period. Bouvel Investment Partners LLC raised its holdings in Shopify by 1.0% in the 4th quarter. Bouvel Investment Partners LLC now owns 17,552 shares of the software maker’s stock valued at $1,866,000 after acquiring an additional 176 shares during the last quarter. Cypress Wealth Services LLC lifted its stake in shares of Shopify by 3.5% during the 4th quarter. Cypress Wealth Services LLC now owns 16,515 shares of the software maker’s stock worth $1,756,000 after purchasing an additional 555 shares during the period. Finally, Ritholtz Wealth Management boosted its holdings in shares of Shopify by 10.9% during the fourth quarter. Ritholtz Wealth Management now owns 29,906 shares of the software maker’s stock worth $3,180,000 after purchasing an additional 2,951 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Citigroup upped their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a report on Monday, January 6th. Royal Bank of Canada boosted their target price on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Truist Financial increased their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company lifted their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Down 0.7 %

SHOP stock opened at $103.47 on Friday. The company has a market capitalization of $133.70 billion, a P/E ratio of 96.71, a PEG ratio of 2.18 and a beta of 2.46. The firm has a 50 day simple moving average of $108.71 and a 200-day simple moving average of $85.17. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72.

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.