New Wave Wealth Advisors LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

New Wave Wealth Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 366 shares of the software maker’s stock, valued at approximately $39,000.

A number of other institutional investors also recently made changes to their positions in the business. Brooklyn Investment Group bought a new position in Shopify during the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton grew its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Truvestments Capital LLC purchased a new position in shares of Shopify in the third quarter worth $45,000. GAMMA Investing LLC raised its holdings in Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares during the last quarter. Finally, HM Payson & Co. boosted its position in Shopify by 37.2% during the 3rd quarter. HM Payson & Co. now owns 686 shares of the software maker’s stock valued at $55,000 after buying an additional 186 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Barclays boosted their target price on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Moffett Nathanson raised their price target on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify Price Performance

Shares of NYSE SHOP opened at $116.70 on Friday. The company has a 50 day moving average of $110.16 and a 200 day moving average of $88.30. 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 twelve month low of $48.56 and a twelve month high of $122.00. The firm has a market cap of $150.79 billion, a P/E ratio of 109.07, a PEG ratio of 2.45 and a beta of 2.46.

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.