Institute for Wealth Management LLC. Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Institute for Wealth Management LLC. lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.9% in the fourth quarter, HoldingsChannel reports. The firm owned 9,710 shares of the software maker’s stock after buying an additional 624 shares during the period. Institute for Wealth Management LLC.’s holdings in Shopify were worth $1,032,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Trust Co. of Vermont boosted its stake in Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after buying an additional 100 shares during the period. First United Bank & Trust boosted its stake in Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after buying an additional 100 shares during the period. Sunbelt Securities Inc. boosted its stake in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after buying an additional 105 shares during the period. Redhawk Wealth Advisors Inc. boosted its stake in Shopify by 3.3% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after buying an additional 107 shares during the period. Finally, Moser Wealth Advisors LLC boosted its stake in Shopify by 1.4% during the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after buying an additional 128 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $116.70 on Friday. 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 firm has a market cap of $150.79 billion, a PE ratio of 109.07, a price-to-earnings-growth ratio of 2.45 and a beta of 2.46. The company’s 50 day simple moving average is $110.16 and its 200-day simple moving average is $88.30. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $122.00.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Barclays raised their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Moffett Nathanson raised their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.32.

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.