Grant Private Wealth Management Inc Buys New Position in Shopify Inc. (NYSE:SHOP)

Grant Private Wealth Management Inc purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 10,494 shares of the software maker’s stock, valued at approximately $1,116,000. Shopify accounts for 1.2% of Grant Private Wealth Management Inc’s holdings, making the stock its 23rd largest position.

Other large investors also recently modified their holdings of the company. Allianz SE bought a new position in Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC raised its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in Shopify during the fourth quarter worth $39,000. Finally, Mather Group LLC. increased its holdings in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Canaccord Genuity Group lifted their price objective on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. CIBC increased their target price on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of NYSE SHOP opened at $100.65 on Thursday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $130.32 billion, a P/E ratio of 64.94, a P/E/G ratio of 4.82 and a beta of 2.81. The firm has a 50 day moving average price of $109.77 and a 200 day moving average price of $101.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. Analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.