BSW Wealth Partners Buys New Shares in Shopify Inc. (NYSE:SHOP)

BSW Wealth Partners purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 2,531 shares of the software maker’s stock, valued at approximately $269,000.

A number of other hedge funds also recently made changes to their positions in the stock. Trust Co. of Vermont increased its holdings 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 buying an additional 100 shares during the last quarter. First United Bank & Trust increased its stake in Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after acquiring an additional 100 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after purchasing an additional 105 shares during the period. Redhawk Wealth Advisors Inc. lifted its stake in shares of Shopify by 3.3% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock valued at $357,000 after purchasing an additional 107 shares in the last quarter. Finally, Moser Wealth Advisors LLC grew its holdings in shares of Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHOP. JMP Securities restated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Scotiabank lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Price Performance

Shares of NYSE SHOP opened at $116.69 on Thursday. The firm’s 50-day simple moving average is $109.65 and its 200 day simple moving average is $87.89. The stock has a market cap of $150.77 billion, a P/E ratio of 109.05, a P/E/G ratio of 2.24 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72.

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.