Wallace Advisory Group LLC Acquires 3,687 Shares of Shopify Inc. (NYSE:SHOP)

Wallace Advisory Group LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,358 shares of the software maker’s stock after purchasing an additional 3,687 shares during the period. Shopify comprises 1.0% of Wallace Advisory Group LLC’s portfolio, making the stock its 24th biggest position. Wallace Advisory Group LLC’s holdings in Shopify were worth $1,420,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Rosenberg Matthew Hamilton raised its position in Shopify by 28.8% during the 4th quarter. Rosenberg Matthew Hamilton now owns 586 shares of the software maker’s stock valued at $62,000 after purchasing an additional 131 shares in the last quarter. Marcum Wealth LLC raised its position in Shopify by 8.7% during the 4th quarter. Marcum Wealth LLC now owns 11,598 shares of the software maker’s stock valued at $1,233,000 after purchasing an additional 931 shares in the last quarter. Gunderson Capital Management Inc. bought a new stake in Shopify during the 4th quarter valued at $6,719,000. Eastern Bank raised its position in Shopify by 18.4% during the 4th quarter. Eastern Bank now owns 2,120 shares of the software maker’s stock valued at $225,000 after purchasing an additional 330 shares in the last quarter. Finally, Kieckhefer Group LLC purchased a new position in shares of Shopify in the 4th quarter valued at $175,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHOP. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $115.00 to $125.00 in a report on Monday, January 6th. Citigroup lifted their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday, September 17th. Piper Sandler lifted their price target on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, New Street Research began coverage on Shopify in a report on Friday. They issued a “neutral” rating and a $115.00 price target on the stock. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Stock Performance

NYSE SHOP opened at $101.67 on Tuesday. The stock has a market capitalization of $131.37 billion, a price-to-earnings ratio of 95.02, a PEG ratio of 2.98 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $107.82 and a 200 day moving average of $84.79.

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.