Parkworth Wealth Management Inc. Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Parkworth Wealth Management Inc. purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,168 shares of the software maker’s stock, valued at approximately $762,000.

Several other large investors have also recently modified their holdings of SHOP. QRG Capital Management Inc. purchased a new stake in shares of Shopify in the 3rd quarter worth approximately $227,000. CWA Asset Management Group LLC bought a new position in Shopify in the 3rd quarter worth $331,000. Assetmark Inc. increased its stake in Shopify by 6.6% in the 3rd quarter. Assetmark Inc. now owns 71,120 shares of the software maker’s stock worth $5,700,000 after buying an additional 4,392 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in Shopify by 29.9% in the 3rd quarter. Axxcess Wealth Management LLC now owns 16,197 shares of the software maker’s stock worth $1,298,000 after buying an additional 3,728 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Shopify during the third quarter valued at about $260,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SHOP. Oppenheimer lifted their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Morgan Stanley upped their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One 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’s stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Up 0.0 %

NYSE SHOP opened at $92.79 on Wednesday. The stock has a market capitalization of $120.15 billion, a PE ratio of 59.86, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The company has a 50 day moving average price of $111.70 and a two-hundred day moving average price of $98.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

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

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.