Smith Salley Wealth Management Invests $210,000 in Shopify Inc. (NYSE:SHOP)

Smith Salley Wealth Management bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,974 shares of the software maker’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. HB Wealth Management LLC increased its holdings in Shopify by 27.7% in the 4th quarter. HB Wealth Management LLC now owns 11,827 shares of the software maker’s stock valued at $1,258,000 after buying an additional 2,569 shares during the period. Trust Co. of Vermont increased its stake in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares during the period. Stonekeep Investments LLC acquired a new position in Shopify in the fourth quarter worth about $230,000. Howard Financial Services LTD. acquired a new position in Shopify in the fourth quarter worth about $209,000. Finally, Arthur M. Cohen & Associates LLC lifted its stake in Shopify by 1.2% during the fourth quarter. Arthur M. Cohen & Associates LLC now owns 45,074 shares of the software maker’s stock worth $4,793,000 after purchasing an additional 554 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

SHOP stock opened at $103.25 on Monday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The business’s 50-day moving average price is $109.39 and its two-hundred day moving average price is $85.70. The firm has a market cap of $133.41 billion, a PE ratio of 96.50, a P/E/G ratio of 2.18 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent research reports. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Truist Financial upped their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Finally, JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

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.