Sunpointe LLC Invests $225,000 in Shopify Inc. (NYSE:SHOP)

Sunpointe LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, Holdings Channel reports. The fund acquired 2,116 shares of the software maker’s stock, valued at approximately $225,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Alberta Investment Management Corp boosted its stake in Shopify by 17.2% during the 4th quarter. Alberta Investment Management Corp now owns 2,039,645 shares of the software maker’s stock valued at $216,952,000 after purchasing an additional 299,510 shares during the period. Rye Brook Capital LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $279,000. Laidlaw Wealth Management LLC acquired a new position in shares of Shopify during the fourth quarter worth approximately $439,000. Global Retirement Partners LLC grew its holdings in Shopify by 5.3% in the 4th quarter. Global Retirement Partners LLC now owns 11,219 shares of the software maker’s stock worth $1,193,000 after buying an additional 568 shares in the last quarter. Finally, Bank of Jackson Hole Trust bought a new position in Shopify in the 4th quarter worth approximately $687,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Robert W. Baird upped their price objective on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Canaccord Genuity Group raised their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Truist Financial boosted their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler increased their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Down 3.5 %

NYSE:SHOP opened at $123.19 on Friday. The company’s 50 day moving average is $112.84 and its 200-day moving average is $94.66. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a market cap of $159.18 billion, a price-to-earnings ratio of 79.48, a P/E/G ratio of 5.12 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. Research analysts predict that Shopify Inc. will post 1.1 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.