Modern Wealth Management LLC Purchases New Position in Shopify Inc. (NYSE:SHOP)

Modern Wealth Management LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 2,499 shares of the software maker’s stock, valued at approximately $266,000.

Several other institutional investors also recently bought and sold shares of the company. Centaurus Financial Inc. purchased a new position in Shopify during the 3rd quarter valued at about $104,000. Dynamic Technology Lab Private Ltd purchased a new position in Shopify during the third quarter valued at approximately $660,000. Brooklyn Investment Group bought a new position in Shopify in the third quarter worth approximately $33,000. Glenmede Trust Co. NA raised its stake in Shopify by 41.7% in the third quarter. Glenmede Trust Co. NA now owns 209,581 shares of the software maker’s stock worth $16,796,000 after buying an additional 61,697 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in Shopify during the third quarter worth $223,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

NYSE:SHOP opened at $96.51 on Friday. The company has a 50 day moving average price of $110.21 and a 200-day moving average price of $100.55. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $124.96 billion, a price-to-earnings ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a report on Monday, February 10th. Canaccord Genuity Group lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Barclays increased their target price on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Finally, Truist Financial raised their target price on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price 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.