Total Wealth Planning & Management Inc. Acquires New Position in Shopify Inc. (NYSE:SHOP)

Total Wealth Planning & Management Inc. acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,179 shares of the software maker’s stock, valued at approximately $232,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Tallon Kerry Patrick purchased a new position in Shopify during the fourth quarter valued at approximately $230,000. Brighton Jones LLC grew its position in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Shopify by 8.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 4,069 shares of the software maker’s stock worth $433,000 after acquiring an additional 318 shares in the last quarter. Drive Wealth Management LLC bought a new stake in Shopify in the fourth quarter worth approximately $219,000. Finally, Kingswood Wealth Advisors LLC grew its position in Shopify by 28.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 7,488 shares of the software maker’s stock worth $796,000 after acquiring an additional 1,658 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Mizuho decreased their target price on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald decreased their target price 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. Capital One Financial raised shares of Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. UBS Group decreased their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Finally, Royal Bank of Canada decreased their target price on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $115.37.

Shopify Stock Performance

NYSE:SHOP opened at $106.74 on Wednesday. The company has a 50-day moving average of $95.39 and a 200-day moving average of $105.02. The company has a market capitalization of $138.21 billion, a price-to-earnings ratio of 68.86, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.