Solidarity Wealth LLC Makes New $767,000 Investment in Shopify Inc. (NYSE:SHOP)

Solidarity Wealth LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,212 shares of the software maker’s stock, valued at approximately $767,000.

Other hedge funds also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group lifted its holdings in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group purchased a new stake in Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Truvestments Capital LLC purchased a new position in shares of Shopify during the 3rd quarter valued at $45,000. Finally, GAMMA Investing LLC grew its stake in shares of Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHOP. Scotiabank increased their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. KeyCorp raised their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday, October 7th. Finally, Royal Bank of Canada lifted their price target on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One research 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Down 0.2 %

NYSE:SHOP opened at $103.25 on Tuesday. The firm has a 50-day simple moving average of $109.39 and a two-hundred day simple moving average of $85.84. The firm has a market cap of $133.41 billion, a P/E ratio of 96.50, a P/E/G ratio of 2.17 and a beta of 2.46. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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.