Ritholtz Wealth Management Purchases 2,951 Shares of Shopify Inc. (NYSE:SHOP)

Ritholtz Wealth Management lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,906 shares of the software maker's stock after purchasing an additional 2,951 shares during the period. Ritholtz Wealth Management's holdings in Shopify were worth $3,180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Truvestments Capital LLC bought a new position in Shopify in the third quarter worth approximately $45,000. Finally, GAMMA Investing LLC grew its stake in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock valued at $48,000 after acquiring an additional 253 shares during the period. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Piper Sandler raised their price objective on Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Royal Bank of Canada raised their price objective on Shopify from $100.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. KeyCorp raised their price objective on Shopify from $80.00 to $130.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Barclays raised their price objective on Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 13th. Finally, Oppenheimer raised their price objective on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Shopify Price Performance

Shopify stock traded down $0.25 during midday trading on Friday, hitting $103.25. 5,579,542 shares of the company's stock were exchanged, compared to its average volume of 4,488,373. The stock has a 50-day moving average price of $109.39 and a two-hundred day moving average price of $85.57. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. 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 market cap of $133.41 billion, a P/E ratio of 96.50, a PEG ratio of 2.18 and a beta of 2.46.

Shopify 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.