Birchcreek Wealth Management LLC Purchases New Position in Shopify Inc. (NYSE:SHOP)

Birchcreek Wealth Management LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 2,000 shares of the software maker’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jennison Associates LLC acquired a new stake in Shopify during the 4th quarter worth approximately $132,323,000. Swiss National Bank boosted its position in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC boosted its position in Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the period. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SHOP. Canaccord Genuity Group boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler boosted their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Citigroup boosted their price target on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Mizuho boosted their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group boosted their price target on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Price Performance

Shares of SHOP stock opened at $115.40 on Monday. The firm has a 50-day moving average of $112.85 and a 200-day moving average of $95.60. The company has a market cap of $149.42 billion, a P/E ratio of 74.45, a P/E/G ratio of 4.82 and a beta of 2.47. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 net margin of 22.74% and a return on equity of 12.00%. As a group, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.