Institute for Wealth Management LLC. Acquires 624 Shares of Shopify Inc. (NYSE:SHOP)

Institute for Wealth Management LLC. grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,710 shares of the software maker’s stock after purchasing an additional 624 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Shopify were worth $1,032,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SHOP. Sanctuary Advisors LLC bought a new position in shares of Shopify during the 2nd quarter worth approximately $9,664,000. Anchor Investment Management LLC raised its stake in shares of Shopify by 31.5% during the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after acquiring an additional 207 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of Shopify by 28.8% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 14,526 shares of the software maker’s stock worth $1,164,000 after acquiring an additional 3,249 shares in the last quarter. Finally, Delta Financial Group Inc. bought a new position in shares of Shopify during the 3rd quarter worth approximately $223,000. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. 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. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Stock Performance

NYSE:SHOP opened at $116.70 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a fifty day moving average of $110.16 and a two-hundred day moving average of $88.30. The stock has a market capitalization of $150.79 billion, a PE ratio of 109.07, a P/E/G ratio of 2.45 and a beta of 2.46. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $122.00.

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.