NewEdge Wealth LLC Grows Stock Position in Shopify Inc. (NYSE:SHOP)

NewEdge Wealth LLC boosted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 80.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,933 shares of the software maker’s stock after acquiring an additional 23,108 shares during the quarter. NewEdge Wealth LLC’s holdings in Shopify were worth $5,522,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Brooklyn Investment Group purchased a new position in shares of Shopify during the 3rd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify during the 4th quarter valued at approximately $39,000. Mather Group LLC. boosted its stake in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Shopify during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. CIBC increased their target price on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Royal Bank of Canada increased their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Finally, Citigroup raised their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of SHOP opened at $110.72 on Friday. The firm has a market capitalization of $143.36 billion, a price-to-earnings ratio of 71.43, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock’s fifty day moving average is $112.82 and its 200-day moving average is $96.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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 forecast that Shopify Inc. will post 1.12 EPS for the current fiscal 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.