C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Grows Position in Shopify Inc. (NYSE:SHOP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 105.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,715 shares of the software maker’s stock after buying an additional 2,938 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Shopify were worth $608,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Shopify by 1.2% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker’s stock valued at $1,289,000 after acquiring an additional 194 shares during the period. Blue Trust Inc. grew its stake in shares of Shopify by 96.1% in the third quarter. Blue Trust Inc. now owns 5,468 shares of the software maker’s stock worth $438,000 after purchasing an additional 2,680 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Shopify by 14.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock valued at $15,213,000 after purchasing an additional 24,472 shares during the period. Whittier Trust Co. raised its position in Shopify by 16.2% during the 3rd quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock valued at $405,000 after purchasing an additional 704 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in Shopify by 37.9% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock worth $186,000 after buying an additional 637 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. TD Securities boosted their target price on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group upped their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Robert W. Baird boosted their price target on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group raised their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday. One equities 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Down 1.3 %

SHOP opened at $127.60 on Thursday. The stock has a market capitalization of $164.87 billion, a price-to-earnings ratio of 82.32, a PEG ratio of 5.06 and a beta of 2.47. The firm has a 50 day moving average price of $112.68 and a 200-day moving average price of $94.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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, analysts expect that Shopify Inc. will post 1.11 earnings per share for the current year.

About Shopify

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.