Pitti Group Wealth Management LLC Makes New $255,000 Investment in Shopify Inc. (NYSE:SHOP)

Pitti Group Wealth Management LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, Holdings Channel reports. The firm bought 2,397 shares of the software maker’s stock, valued at approximately $255,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. PFG Private Wealth Management LLC grew its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares during the period. Brooklyn Investment Group acquired a new position in Shopify during the third quarter worth about $33,000. New Wave Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter worth about $39,000. Mather Group LLC. grew its position in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares during the period. Finally, Truvestments Capital LLC acquired a new position in Shopify during the third quarter worth about $45,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on SHOP shares. TD Securities upped their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Truist Financial upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. CIBC upped their price target on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Trading Up 4.7 %

Shares of NYSE SHOP opened at $94.88 on Monday. The firm has a market capitalization of $122.86 billion, a PE ratio of 61.22, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm’s 50-day moving average is $110.88 and its 200-day moving average is $98.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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%. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify 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.