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

Drive Wealth Management LLC purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,058 shares of the software maker’s stock, valued at approximately $219,000.

Several other large investors have also made changes to their positions in SHOP. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Truvestments Capital LLC bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $45,000. GAMMA Investing LLC grew its stake in shares of Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares in the last quarter. Finally, HM Payson & Co. lifted its holdings in Shopify by 37.2% in the 3rd quarter. HM Payson & Co. now owns 686 shares of the software maker’s stock worth $55,000 after purchasing an additional 186 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP stock opened at $107.41 on Tuesday. The stock’s fifty day moving average is $109.37 and its 200-day moving average is $87.22. 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 capitalization of $138.78 billion, a PE ratio of 100.38, a PEG ratio of 2.24 and a beta of 2.46. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SHOP shares. Wells Fargo & Company boosted their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Mizuho boosted their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Oppenheimer boosted their target price on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their target price on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Citigroup upped their price target on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.