NewEdge Advisors LLC Grows Stock Position in Shopify Inc. (NYSE:SHOP)

NewEdge Advisors LLC lifted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 37.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,468 shares of the software maker's stock after purchasing an additional 16,194 shares during the quarter. NewEdge Advisors LLC's holdings in Shopify were worth $6,323,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allianz SE purchased a new position in shares of Shopify during the 4th quarter worth $27,000. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the period. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify during the 4th quarter worth approximately $39,000. Finally, Mather Group LLC. raised its position in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after purchasing an additional 184 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SHOP shares. Loop Capital cut their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. ATB Capital increased their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. The Goldman Sachs Group dropped their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday. Evercore ISI boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada decreased their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.37.

Shopify Trading Up 5.0 %

Shares of SHOP traded up $4.07 during mid-day trading on Tuesday, hitting $85.71. The company's stock had a trading volume of 8,591,808 shares, compared to its average volume of 9,224,810. The firm has a 50-day simple moving average of $99.68 and a 200 day simple moving average of $101.78. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market capitalization of $110.98 billion, a P/E ratio of 55.30, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results 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 predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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.