Stonebridge Financial Group LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Stonebridge Financial Group LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 835 shares of the software maker’s stock, valued at approximately $89,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Jennison Associates LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $132,323,000. Swiss National Bank lifted its position in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC grew its stake in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky increased its holdings in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 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 issued reports on SHOP. Truist Financial lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday. Citigroup lifted their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Oppenheimer raised their target price on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday. Evercore ISI boosted their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Piper Sandler raised their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Trading Down 2.5 %

SHOP opened at $120.46 on Thursday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $125.95. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $111.29 and a 200-day simple moving average of $91.82. The firm has a market cap of $155.65 billion, a P/E ratio of 112.58, a P/E/G ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, equities analysts expect that Shopify Inc. will post 0.91 earnings per share 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.