Bleakley Financial Group LLC Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Bleakley Financial Group LLC raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 18,011 shares of the software maker’s stock after purchasing an additional 898 shares during the period. Bleakley Financial Group LLC’s holdings in Shopify were worth $1,915,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. YANKCOM Partnership acquired a new position in shares of Shopify during the 4th quarter worth approximately $1,087,000. Brandywine Oak Private Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $213,000. Vision Capital Management Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at about $213,000. Trilogy Capital Inc. purchased a new stake in shares of Shopify during the fourth quarter worth about $216,000. Finally, Tyche Wealth Partners LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $243,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 1.1 %

NYSE SHOP opened at $117.33 on Friday. 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 firm has a market cap of $151.60 billion, a price-to-earnings ratio of 109.65, a PEG ratio of 2.46 and a beta of 2.47. The firm has a 50 day simple moving average of $110.88 and a 200-day simple moving average of $90.15. Shopify Inc. has a one year low of $48.56 and a one year high of $122.81.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SHOP shares. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $115.00 to $125.00 in a report on Monday, January 6th. Piper Sandler boosted their price target on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Mizuho lifted their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 price target on shares of Shopify in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

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.