C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys 2,938 Shares of Shopify Inc. (NYSE:SHOP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 105.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,715 shares of the software maker’s stock after acquiring an additional 2,938 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Shopify were worth $608,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Shopify by 1.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker’s stock worth $1,289,000 after buying an additional 194 shares in the last quarter. Blue Trust Inc. increased its position in shares of Shopify by 96.1% during the third quarter. Blue Trust Inc. now owns 5,468 shares of the software maker’s stock valued at $438,000 after acquiring an additional 2,680 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Shopify by 14.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock worth $15,213,000 after acquiring an additional 24,472 shares during the period. Whittier Trust Co. boosted its position in Shopify by 16.2% in the third quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock worth $405,000 after purchasing an additional 704 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in Shopify by 37.9% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock valued at $186,000 after purchasing an additional 637 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. UBS Group lifted their price objective on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. TD Securities increased their target price on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. DA Davidson lifted their price target on shares of Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group increased their price objective on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

NYSE:SHOP opened at $127.60 on Thursday. The company has a market capitalization of $164.87 billion, a price-to-earnings ratio of 82.32, a PEG ratio of 5.06 and a beta of 2.47. The business has a 50 day moving average of $112.68 and a 200 day moving average of $94.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.11 EPS for the current 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.