Sunpointe LLC Buys Shares of 2,116 Shopify Inc. (NYSE:SHOP)

Sunpointe LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,116 shares of the software maker’s stock, valued at approximately $225,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in Shopify by 14.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock worth $15,213,000 after acquiring an additional 24,472 shares during the last quarter. Whittier Trust Co. boosted its holdings in shares of Shopify by 16.2% during the third quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock worth $405,000 after purchasing an additional 704 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Shopify by 37.9% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock valued at $186,000 after purchasing an additional 637 shares during the period. Sequoia Financial Advisors LLC increased its stake in Shopify by 10.3% in the third quarter. Sequoia Financial Advisors LLC now owns 18,207 shares of the software maker’s stock valued at $1,459,000 after purchasing an additional 1,699 shares during the last quarter. Finally, Eastern Bank purchased a new position in Shopify during the third quarter worth about $143,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $123.19 on Friday. The stock has a 50-day simple moving average of $112.84 and a 200 day simple moving average of $94.66. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market capitalization of $159.18 billion, a price-to-earnings ratio of 79.48, a price-to-earnings-growth ratio of 5.12 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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%. On average, equities research analysts forecast that Shopify Inc. will post 1.1 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research analyst reports. Piper Sandler upped their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Robert W. Baird upped their price target on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. The Goldman Sachs Group lifted their price target on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Finally, Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $126.31.

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.