WealthPLAN Partners LLC Invests $246,000 in Shopify Inc. (NYSE:SHOP)

WealthPLAN Partners LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,310 shares of the software maker's stock, valued at approximately $246,000.

Other hedge funds have also modified their holdings of the company. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify during the 4th quarter worth $39,000. Mather Group LLC. grew its stake in Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after purchasing an additional 184 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Shopify during the third quarter worth about $33,000. Rosenberg Matthew Hamilton raised its holdings in shares of Shopify by 41.3% in 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. Finally, Synergy Asset Management LLC acquired a new stake in Shopify in the fourth quarter valued at $55,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a research note on Tuesday. DA Davidson raised their target price on shares of Shopify from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. The Goldman Sachs Group lifted their price target on Shopify from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Barclays raised their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada upped their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $126.31.

Shopify Trading Down 1.3 %

NYSE:SHOP traded down $1.71 during trading hours on Wednesday, hitting $127.60. The stock had a trading volume of 7,754,981 shares, compared to its average volume of 7,999,049. The company has a market cap of $164.87 billion, a PE ratio of 82.32, a price-to-earnings-growth ratio of 5.06 and a beta of 2.47. The business has a 50 day simple moving average of $112.48 and a two-hundred day simple moving average of $94.23. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released 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 net margin of 22.74% and a return on equity of 12.00%. Research analysts expect that Shopify Inc. will post 1.11 EPS for the current fiscal 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.