Modus Advisors LLC Purchases New Stake in Shopify Inc. (NYSE:SHOP)

Modus Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 600 shares of the software maker’s stock, valued at approximately $64,000.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group bought a new stake in Shopify in the third quarter valued at $33,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the second quarter worth about $33,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Shopify in the 3rd quarter worth about $45,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SHOP shares. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Moffett Nathanson raised their target price on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Citigroup boosted their price target on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Robert W. Baird raised their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Atb Cap Markets lowered 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, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $99.03.

Shopify Stock Performance

NYSE SHOP opened at $109.25 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $103.89 and a 200 day simple moving average of $82.45. The company has a market cap of $141.16 billion, a P/E ratio of 102.10, a PEG ratio of 2.98 and a beta of 2.46. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72.

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.