Shopify Inc. (NYSE:SHOP) Shares Bought by NorthRock Partners LLC

NorthRock Partners LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 125.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,999 shares of the software maker’s stock after buying an additional 3,339 shares during the period. NorthRock Partners LLC’s holdings in Shopify were worth $638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SHOP. OMERS ADMINISTRATION Corp acquired a new position in Shopify during the 4th quarter worth approximately $6,988,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Shopify by 40.0% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,000 shares of the software maker’s stock valued at $7,443,000 after acquiring an additional 20,000 shares during the period. Ogborne Capital Management LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $27,114,000. Obermeyer Wealth Partners raised its stake in Shopify by 7.6% during the 4th quarter. Obermeyer Wealth Partners now owns 5,307 shares of the software maker’s stock valued at $564,000 after acquiring an additional 377 shares during the last quarter. Finally, Napa Wealth Management purchased a new stake in shares of Shopify during the fourth quarter worth approximately $982,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP stock opened at $110.21 on Friday. The company has a 50 day moving average price of $93.94 and a two-hundred day moving average price of $103.52. The stock has a market capitalization of $142.70 billion, a P/E ratio of 71.10, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS 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 forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. BMO Capital Markets assumed coverage on shares of Shopify in a report on Tuesday, May 6th. They set an “outperform” rating and a $120.00 price target for the company. Cantor Fitzgerald reduced their price objective on shares of Shopify from $120.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company boosted their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Truist Financial reduced their price target on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

About Shopify

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.