Congress Wealth Management LLC DE Acquires New Position in Shopify Inc. (NYSE:SHOP)

Congress Wealth Management LLC DE bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 126,478 shares of the software maker’s stock, valued at approximately $13,448,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its stake in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the period. National Bank of Canada FI lifted its position in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the period. Jennison Associates LLC purchased a new stake in Shopify in the fourth quarter worth approximately $132,323,000. Finally, Congress Asset Management Co. bought a new stake in Shopify in the 4th quarter worth approximately $84,074,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE SHOP opened at $109.41 on Tuesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The business has a 50 day simple moving average of $110.19 and a two-hundred day simple moving average of $100.01. The stock has a market capitalization of $141.67 billion, a PE ratio of 70.59, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its 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%. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SHOP shares. Robert W. Baird raised their price target on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. TD Securities raised their target price on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $125.00 price target on shares of Shopify in a research report on Tuesday, February 11th. Piper Sandler raised their price objective on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.