Prasad Wealth Partners LLC Invests $2.75 Million in Shopify Inc. (NYSE:SHOP)

Prasad Wealth Partners LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 25,843 shares of the software maker’s stock, valued at approximately $2,748,000. Shopify accounts for about 0.9% of Prasad Wealth Partners LLC’s portfolio, making the stock its 29th largest position.

Several other large investors have also modified their holdings of the stock. Brooklyn Investment Group purchased a new position in Shopify in the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter worth approximately $39,000. Mather Group LLC. grew its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in shares of Shopify during the third quarter worth approximately $45,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 0.1 %

Shares of SHOP stock opened at $115.45 on Tuesday. The stock has a market cap of $149.48 billion, a PE ratio of 74.48, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. The company’s fifty day moving average price is $112.84 and its 200-day moving average price is $95.93. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on SHOP shares. Wells Fargo & Company lifted their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price target on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

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.