Oppenheimer Asset Management Inc. Purchases 34,158 Shares of Shopify Inc. (NYSE:SHOP)

Oppenheimer Asset Management Inc. lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 320,834 shares of the software maker’s stock after buying an additional 34,158 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $34,114,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. New Wave Wealth Advisors LLC bought a new stake in Shopify in the 4th quarter worth approximately $39,000. Mather Group LLC. grew its position in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the period. Brooklyn Investment Group bought a new stake in Shopify in the 3rd quarter worth approximately $33,000. Sierra Ocean LLC bought a new stake in Shopify in the 4th quarter worth approximately $46,000. Finally, Rosenberg Matthew Hamilton grew its position 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. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Jefferies Financial Group lifted their price target on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 18th. Cantor Fitzgerald reiterated a “neutral” rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. Canaccord Genuity Group lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Truist Financial lifted their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Up 2.3 %

Shares of NYSE:SHOP opened at $113.46 on Thursday. The company has a market capitalization of $146.91 billion, a price-to-earnings ratio of 73.20, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm’s 50-day moving average is $112.74 and its 200 day moving average is $96.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.