Shopify Inc. (NYSE:SHOP) Shares Acquired by Midwest Professional Planners LTD.

Midwest Professional Planners LTD. increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 60.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,540 shares of the software maker's stock after purchasing an additional 3,970 shares during the period. Midwest Professional Planners LTD.'s holdings in Shopify were worth $1,121,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. PFG Private Wealth Management LLC lifted its holdings in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after acquiring an additional 256 shares during the last quarter. New Wave Wealth Advisors LLC bought a new position in Shopify in the fourth quarter worth about $39,000. Mather Group LLC. lifted its holdings in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after acquiring an additional 184 shares during the last quarter. Brooklyn Investment Group bought a new position in Shopify in the third quarter worth about $33,000. Finally, Sierra Ocean LLC bought a new position in Shopify in the fourth quarter worth about $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 6.2 %

SHOP stock opened at $90.51 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a fifty day simple moving average of $111.17 and a 200 day simple moving average of $98.29. The firm has a market cap of $117.19 billion, a PE ratio of 58.39, a PEG ratio of 4.82 and a beta of 2.60.

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Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its 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, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent research reports. Evercore ISI raised their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. JMP Securities reaffirmed a "market outperform" rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Royal Bank of Canada lifted their price target on Shopify from $130.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. TD Securities lifted their price target on Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their target price on Shopify from $110.00 to $130.00 and gave the stock a "hold" rating in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $126.31.

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.

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