Spire Wealth Management Grows Holdings in Shopify Inc. (NYSE:SHOP)

Spire Wealth Management lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 191.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 85,212 shares of the software maker's stock after purchasing an additional 55,976 shares during the period. Spire Wealth Management's holdings in Shopify were worth $9,061,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Anchor Investment Management LLC lifted its stake in Shopify by 31.5% in the second quarter. Anchor Investment Management LLC now owns 865 shares of the software maker's stock worth $57,000 after acquiring an additional 207 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Shopify by 7.0% in the third 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 during the last quarter. Canandaigua National Bank & Trust Co. lifted its stake in Shopify by 28.8% in the third 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 during the last quarter. GAMMA Investing LLC lifted its stake in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock worth $48,000 after acquiring an additional 253 shares during the last quarter. Finally, Salvus Wealth Management LLC lifted its stake in Shopify by 44.9% in the third quarter. Salvus Wealth Management LLC now owns 6,400 shares of the software maker's stock worth $513,000 after acquiring an additional 1,982 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of NYSE:SHOP traded down $2.48 on Friday, reaching $116.70. 7,750,504 shares of the company were exchanged, compared to its average volume of 5,562,812. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.00. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average of $110.36 and a 200-day moving average of $88.80. The firm has a market cap of $150.79 billion, a price-to-earnings ratio of 109.07, a price-to-earnings-growth ratio of 2.45 and a beta of 2.46.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SHOP. Piper Sandler boosted their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Canaccord Genuity Group boosted their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a "hold" rating to a "sell" rating in a research report on Thursday, November 21st. New Street Research began coverage on shares of Shopify in a research report on Friday, January 10th. They set a "neutral" rating and a $115.00 price objective for the company. Finally, JMP Securities restated a "market outperform" rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $100.32.

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.