Bleakley Financial Group LLC Purchases 898 Shares of Shopify Inc. (NYSE:SHOP)

Bleakley Financial Group LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,011 shares of the software maker’s stock after acquiring an additional 898 shares during the quarter. Bleakley Financial Group LLC’s holdings in Shopify were worth $1,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Trust Co. of Vermont boosted its stake in shares of Shopify by 9.9% during the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares during the period. First United Bank & Trust boosted its position in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after buying an additional 100 shares during the period. Sunbelt Securities Inc. grew its stake in shares of Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after buying an additional 105 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in shares of Shopify by 3.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after acquiring an additional 107 shares during the last quarter. Finally, Moser Wealth Advisors LLC boosted its holdings in Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after acquiring an additional 128 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 1.1 %

NYSE:SHOP opened at $117.33 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company’s fifty day moving average price is $110.88 and its 200-day moving average price is $90.15. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.81. The firm has a market capitalization of $151.60 billion, a P/E ratio of 109.65, a PEG ratio of 2.46 and a beta of 2.47.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SHOP shares. Barclays increased their target price on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $115.00 to $125.00 in a research report on Monday, January 6th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Finally, Piper Sandler upped their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.