Salvus Wealth Management LLC Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Salvus Wealth Management LLC grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,585 shares of the software maker’s stock after purchasing an additional 185 shares during the quarter. Salvus Wealth Management LLC’s holdings in Shopify were worth $700,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group raised its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Truvestments Capital LLC bought a new position in Shopify during the third quarter valued at $45,000. Finally, GAMMA Investing LLC increased its position in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent research reports. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and upped their price target for the company from $115.00 to $125.00 in a research report on Monday, January 6th. Canaccord Genuity Group upped their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Robert W. Baird lifted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Truist Financial upped their price target on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Finally, Scotiabank lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $100.31.

Shopify Trading Down 0.7 %

NYSE SHOP opened at $103.47 on Friday. The firm has a market cap of $133.70 billion, a PE ratio of 96.71, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The stock has a 50-day moving average of $108.71 and a 200-day moving average of $85.17. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.