PUREfi Wealth LLC Makes New $603,000 Investment in Shopify Inc. (NYSE:SHOP)

PUREfi Wealth LLC bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, Holdings Channel reports. The firm bought 5,674 shares of the software maker’s stock, valued at approximately $603,000.

A number of other large investors have also bought and sold shares of SHOP. GAMMA Investing LLC increased its position in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the last quarter. Creative Planning boosted its holdings in shares of Shopify by 4.4% in the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after acquiring an additional 16,375 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in shares of Shopify by 58.0% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,178 shares of the software maker’s stock worth $816,000 after acquiring an additional 3,737 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Shopify by 4.4% in the third quarter. Global Retirement Partners LLC now owns 10,651 shares of the software maker’s stock worth $854,000 after acquiring an additional 449 shares during the period. Finally, Bleakley Financial Group LLC boosted its holdings in shares of Shopify by 26.7% in the third quarter. Bleakley Financial Group LLC now owns 17,113 shares of the software maker’s stock worth $1,371,000 after acquiring an additional 3,610 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $128.36 on Friday. The stock’s 50 day simple moving average is $111.70 and its two-hundred day simple moving average is $92.27. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market cap of $165.85 billion, a price-to-earnings ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, analysts expect that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SHOP. KeyCorp raised their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday. Scotiabank lifted their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday. Finally, Citigroup lifted their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $126.21.

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.