Hoey Investments Inc. Invests $148,000 in Shopify Inc. (NYSE:SHOP)

Hoey Investments Inc. bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 1,390 shares of the software maker’s stock, valued at approximately $148,000.

Other hedge funds have also bought and sold shares of the company. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC grew its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Brooklyn Investment Group bought a new position in Shopify during the 3rd quarter valued at $33,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Shopify during the 4th quarter worth $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on SHOP shares. New Street Research started coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research report on Tuesday, February 11th. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. JPMorgan Chase & Co. upped their target price on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Piper Sandler lifted their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Price Performance

Shares of NYSE:SHOP opened at $96.51 on Monday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market cap of $124.96 billion, a price-to-earnings ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. The firm has a fifty day moving average price of $110.21 and a two-hundred day moving average price of $100.98.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. Equities research analysts expect that Shopify Inc. will post 1.12 EPS 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.