Sheets Smith Wealth Management Purchases New Position in Shopify Inc. (NYSE:SHOP)

Sheets Smith Wealth Management acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,207 shares of the software maker’s stock, valued at approximately $447,000.

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. EverSource Wealth Advisors LLC lifted its stake in shares of Shopify by 23.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,020 shares of the software maker’s stock valued at $185,000 after acquiring an additional 581 shares during the last quarter. Evergreen Capital Management LLC increased its holdings in Shopify by 12.9% in the 2nd quarter. Evergreen Capital Management LLC now owns 10,508 shares of the software maker’s stock worth $694,000 after purchasing an additional 1,201 shares in the last quarter. Insigneo Advisory Services LLC raised its position in Shopify by 4.1% in the second quarter. Insigneo Advisory Services LLC now owns 31,937 shares of the software maker’s stock valued at $2,109,000 after purchasing an additional 1,245 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of Shopify by 274.3% during the second quarter. Fred Alger Management LLC now owns 610,839 shares of the software maker’s stock valued at $40,346,000 after purchasing an additional 447,656 shares in the last quarter. Finally, Caxton Associates LP bought a new stake in shares of Shopify during the second quarter worth about $3,963,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SHOP. Barclays raised their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Truist Financial raised their price target on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their price objective on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Piper Sandler raised their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Moffett Nathanson upped their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Stock Performance

SHOP opened at $106.39 on Thursday. The company has a market cap of $137.47 billion, a price-to-earnings ratio of 99.43, a PEG ratio of 2.17 and a beta of 2.46. The company’s fifty day moving average price is $109.62 and its two-hundred day moving average price is $86.37. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify 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.