W.G. Shaheen & Associates DBA Whitney & Co Makes New $1.02 Million Investment in Shopify Inc. $SHOP

W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, Holdings Channel.com reports. The fund purchased 6,340 shares of the software maker’s stock, valued at approximately $1,021,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC bought a new position in shares of Shopify in the third quarter valued at about $4,110,000. Principal Financial Group Inc. raised its position in shares of Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after purchasing an additional 63,300 shares during the period. Triton Financial Group Inc bought a new position in shares of Shopify in the third quarter valued at about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after purchasing an additional 62,743 shares during the period. Finally, TriaGen Wealth Management LLC bought a new position in shares of Shopify in the third quarter valued at about $2,562,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 0.6%

Shares of Shopify stock opened at $121.26 on Thursday. The company has a market capitalization of $158.14 billion, a price-to-earnings ratio of 130.39, a PEG ratio of 4.42 and a beta of 2.82. Shopify Inc. has a 12-month low of $88.14 and a 12-month high of $182.19. The firm’s 50-day moving average price is $122.54 and its two-hundred day moving average price is $142.29.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SHOP shares. TD Securities raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a research report on Thursday, February 12th. ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research report on Thursday, February 12th. TD Cowen raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group raised their price target on shares of Shopify from $125.00 to $150.00 and gave the stock a “hold” rating in a research report on Monday, March 9th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.46.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.