Congress Asset Management Co. Makes New $84.07 Million Investment in Shopify Inc. (NYSE:SHOP)

Congress Asset Management Co. purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 790,693 shares of the software maker’s stock, valued at approximately $84,074,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Howland Capital Management LLC raised its position in Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after acquiring an additional 99 shares in the last quarter. Trust Co. of Vermont raised its position in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after acquiring an additional 100 shares in the last quarter. First United Bank & Trust raised its position in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after acquiring an additional 100 shares in the last quarter. Sunbelt Securities Inc. raised its position in Shopify by 0.7% in the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after acquiring an additional 105 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. raised its position in Shopify by 3.3% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after acquiring an additional 107 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 0.6 %

Shares of Shopify stock opened at $128.36 on Friday. The stock has a market capitalization of $165.85 billion, a P/E ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average price of $111.90 and a two-hundred day moving average price of $92.75. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Equities analysts expect that Shopify Inc. will post 0.91 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Citigroup boosted their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Truist Financial boosted their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Morgan Stanley boosted their price objective on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $126.21.

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.