Kazazian Asset Management LLC Makes New $388,000 Investment in Shopify Inc. (NYSE:SHOP)

Kazazian Asset Management LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, Holdings Channel.com reports. The firm purchased 3,650 shares of the software maker’s stock, valued at approximately $388,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Shopify in the 3rd quarter worth $33,000. New Wave Wealth Advisors LLC bought a new position in shares of Shopify in the 4th quarter worth $39,000. Mather Group LLC. lifted its holdings in shares of 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 in the last quarter. Finally, Truvestments Capital LLC bought a new position in shares of Shopify in the 3rd quarter worth $45,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 2.8 %

Shares of NYSE SHOP opened at $93.90 on Wednesday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business has a 50-day simple moving average of $110.27 and a two-hundred day simple moving average of $99.08. The company has a market cap of $121.58 billion, a P/E ratio of 60.58, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. Equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SHOP shares. Morgan Stanley increased their target price on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Evercore ISI raised their price objective on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Truist Financial raised their price objective on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Jefferies Financial Group raised their price objective on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research note on Tuesday, February 18th. Finally, Piper Sandler raised their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.