Prospect Financial Services LLC Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Prospect Financial Services LLC grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,033 shares of the software maker’s stock after buying an additional 1,442 shares during the period. Prospect Financial Services LLC’s holdings in Shopify were worth $535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Perigon Wealth Management LLC lifted its stake in shares of Shopify by 6.7% in the fourth quarter. Perigon Wealth Management LLC now owns 7,787 shares of the software maker’s stock valued at $806,000 after purchasing an additional 491 shares during the period. Griffin Asset Management Inc. increased its holdings in Shopify by 1.8% in the fourth quarter. Griffin Asset Management Inc. now owns 15,925 shares of the software maker’s stock valued at $1,693,000 after buying an additional 275 shares in the last quarter. Parsons Capital Management Inc. RI lifted its position in shares of Shopify by 1,019.1% during the 4th quarter. Parsons Capital Management Inc. RI now owns 43,925 shares of the software maker’s stock valued at $4,671,000 after acquiring an additional 40,000 shares during the period. Mount Yale Investment Advisors LLC purchased a new stake in shares of Shopify during the 4th quarter worth approximately $287,000. Finally, Pacer Advisors Inc. grew its holdings in shares of Shopify by 2.7% in the 4th quarter. Pacer Advisors Inc. now owns 10,560 shares of the software maker’s stock worth $1,123,000 after acquiring an additional 274 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 0.3 %

SHOP opened at $107.41 on Tuesday. The firm’s 50 day moving average is $109.37 and its 200-day moving average is $87.22. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $138.78 billion, a P/E ratio of 100.38, a P/E/G ratio of 2.24 and a beta of 2.46.

Analyst Ratings Changes

Several research firms have weighed in on SHOP. KeyCorp upped their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Citigroup increased their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and set a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $100.32.

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.