AssuredPartners Investment Advisors LLC Takes $299,000 Position in Shopify Inc. (NYSE:SHOP)

AssuredPartners Investment Advisors LLC bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, Holdings Channel reports. The institutional investor bought 2,812 shares of the software maker’s stock, valued at approximately $299,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Centaurus Financial Inc. purchased a new position in shares of Shopify in the third quarter worth about $104,000. Dynamic Technology Lab Private Ltd bought a new stake in Shopify in the third quarter valued at approximately $660,000. Brooklyn Investment Group purchased a new stake in shares of Shopify during the third quarter valued at approximately $33,000. Glenmede Trust Co. NA grew its holdings in shares of Shopify by 41.7% in the third quarter. Glenmede Trust Co. NA now owns 209,581 shares of the software maker’s stock worth $16,796,000 after purchasing an additional 61,697 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in shares of Shopify in the third quarter worth $223,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. Oppenheimer increased their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. DA Davidson upped their price target on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 5.9 %

Shares of SHOP opened at $96.51 on Friday. The firm has a fifty day simple moving average of $110.21 and a two-hundred day simple moving average of $100.55. The firm has a market cap of $124.96 billion, a PE ratio of 62.27, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 return on equity of 12.00% and a net margin of 22.74%. As a group, research analysts forecast that Shopify Inc. will post 1.12 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.