Canopy Partners LLC Invests $219,000 in Shopify Inc. (NYSE:SHOP)

Canopy Partners LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 2,061 shares of the software maker’s stock, valued at approximately $219,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Allianz SE bought a new stake in shares of Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC boosted its position in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. New Wave Wealth Advisors LLC acquired a new position in Shopify in the 4th quarter valued at approximately $39,000. Finally, Mather Group LLC. raised its stake in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after acquiring an additional 184 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $76.89 on Monday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company’s 50-day moving average is $108.67 and its 200 day moving average is $101.59. The firm has a market capitalization of $99.56 billion, a P/E ratio of 49.61, a PEG ratio of 4.82 and a beta of 2.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SHOP shares. Royal Bank of Canada set a $145.00 price objective on shares of Shopify and gave the stock an “outperform” rating in a research note on Friday, March 21st. Truist Financial upped their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Phillip Securities downgraded Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Citigroup upped their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price target on shares of Shopify in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average 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.