Tennessee Valley Asset Management Partners Takes $113,000 Position in Shopify Inc. (NYSE:SHOP)

Tennessee Valley Asset Management Partners bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,450 shares of the software maker’s stock, valued at approximately $113,000.

A number of other large investors also recently made changes to their positions in SHOP. International Assets Investment Management LLC increased its stake in shares of Shopify by 12.3% during the third quarter. International Assets Investment Management LLC now owns 17,642 shares of the software maker’s stock worth $915,000 after purchasing an additional 1,931 shares during the period. IFP Advisors Inc increased its stake in shares of Shopify by 27.2% during the third quarter. IFP Advisors Inc now owns 8,232 shares of the software maker’s stock worth $449,000 after purchasing an additional 1,759 shares during the period. Ritholtz Wealth Management increased its stake in Shopify by 8.0% during the 3rd quarter. Ritholtz Wealth Management now owns 10,320 shares of the software maker’s stock worth $563,000 after acquiring an additional 763 shares during the period. Global Retirement Partners LLC increased its stake in Shopify by 3.5% during the 3rd quarter. Global Retirement Partners LLC now owns 9,423 shares of the software maker’s stock worth $495,000 after acquiring an additional 319 shares during the period. Finally, HB Wealth Management LLC increased its stake in Shopify by 7.6% during the 3rd quarter. HB Wealth Management LLC now owns 4,515 shares of the software maker’s stock worth $246,000 after acquiring an additional 318 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.3 %

SHOP stock opened at $70.57 on Tuesday. The stock’s 50 day simple moving average is $75.98 and its 200 day simple moving average is $72.25. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The company has a market cap of $90.79 billion, a P/E ratio of 784.20 and a beta of 2.22.

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, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. On average, research analysts expect that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHOP. Truist Financial raised their price objective on Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, February 12th. CIBC raised their price objective on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. National Bankshares raised their price objective on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. ATB Capital raised their price objective on Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 14th. Finally, StockNews.com lowered Shopify from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $78.30.

Shopify 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.