Shopify Inc. (NYSE:SHOP) Shares Acquired by Wealth Alliance

Wealth Alliance raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,832 shares of the software maker’s stock after acquiring an additional 1,440 shares during the quarter. Wealth Alliance’s holdings in Shopify were worth $532,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. StoneCrest Wealth Management Inc. purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. grew its position in shares of Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $433,000. Bleakley Financial Group LLC grew its position in shares of Shopify by 18.5% in the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $1,488,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group upped their price target on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, January 5th. Barclays lowered their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. Mizuho increased their price objective on Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Truist Financial increased their price objective on Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, February 12th. Finally, Piper Sandler reiterated an “underweight” rating and issued a $63.00 price objective on shares of Shopify in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Shopify has an average rating of “Hold” and an average price target of $78.00.

Shopify Stock Up 1.1 %

Shopify stock opened at $69.43 on Thursday. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock has a market cap of $89.33 billion, a PE ratio of 771.53 and a beta of 2.22. The stock’s fifty day moving average is $77.14 and its two-hundred day moving average is $71.75.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, sell-side analysts expect that Shopify Inc. will post 0.58 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.