Hoey Investments Inc. Makes New $148,000 Investment in Shopify Inc. (NYSE:SHOP)

Hoey Investments Inc. bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,390 shares of the software maker’s stock, valued at approximately $148,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Alliancebernstein L.P. increased its position in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. Axiom Investors LLC DE grew its stake in shares of Shopify by 48.8% in the fourth quarter. Axiom Investors LLC DE now owns 832,525 shares of the software maker’s stock worth $88,522,000 after purchasing an additional 273,035 shares during the last quarter. AIA Group Ltd increased its holdings in Shopify by 6.3% during the 4th quarter. AIA Group Ltd now owns 168,322 shares of the software maker’s stock valued at $17,898,000 after purchasing an additional 9,959 shares during the period. O Shaughnessy Asset Management LLC raised its position in Shopify by 50.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 180,806 shares of the software maker’s stock valued at $19,221,000 after purchasing an additional 60,354 shares during the last quarter. Finally, Physician Wealth Advisors Inc. purchased a new stake in Shopify in the 4th quarter worth approximately $131,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 5.9 %

Shares of SHOP stock opened at $96.51 on Monday. The company has a 50 day moving average price of $110.21 and a 200-day moving average price of $100.98. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a market capitalization of $124.96 billion, a PE ratio of 62.27, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its 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 return on equity of 12.00% and a net margin of 22.74%. Analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SHOP shares. Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $120.00 price objective on shares of Shopify in a research report on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. DA Davidson boosted their price target on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Barclays increased their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.