Tyche Wealth Partners LLC Invests $243,000 in Shopify Inc. (NYSE:SHOP)

Tyche Wealth Partners LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, HoldingsChannel reports. The fund bought 2,286 shares of the software maker’s stock, valued at approximately $243,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brooklyn Investment Group bought a new stake in Shopify in the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton grew its position in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in Shopify in the 4th quarter worth about $39,000. Mather Group LLC. grew its position in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares in the last quarter. Finally, Truvestments Capital LLC bought a new stake in Shopify in the 3rd quarter worth about $45,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SHOP. Canaccord Genuity Group upped their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler increased their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price for the company. Barclays increased their target price on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Price Performance

Shares of NYSE:SHOP opened at $118.61 on Friday. The company’s fifty day moving average price is $110.75 and its 200-day moving average price is $89.95. The firm has a market capitalization of $153.26 billion, a price-to-earnings ratio of 110.86, a PEG ratio of 2.46 and a beta of 2.47. Shopify Inc. has a one year low of $48.56 and a one year high of $122.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

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.