Naples Global Advisors LLC Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Naples Global Advisors LLC grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.2% in the fourth quarter, Holdings Channel reports. The firm owned 4,709 shares of the software maker’s stock after purchasing an additional 855 shares during the period. Naples Global Advisors LLC’s holdings in Shopify were worth $501,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SHOP. New Wave Wealth Advisors LLC purchased a new position in Shopify during the fourth quarter worth about $39,000. Mather Group LLC. grew its holdings in shares of Shopify by 84.8% during the fourth 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 bought a new position in shares of Shopify in the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its stake in Shopify by 41.3% in the third 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 bought a new stake in Shopify during the fourth quarter valued at approximately $55,000. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on SHOP shares. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday. Piper Sandler raised their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank of Canada upped their price objective on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday. Canaccord Genuity Group raised their price objective on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Finally, New Street Research started coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $125.14.

Shopify Trading Up 5.9 %

NYSE:SHOP opened at $127.65 on Friday. The firm has a market capitalization of $164.93 billion, a P/E ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $128.00. The company’s 50-day simple moving average is $111.43 and its 200 day simple moving average is $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, analysts forecast that Shopify Inc. will post 0.91 EPS for the current fiscal year.

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.