Pitti Group Wealth Management LLC Invests $255,000 in Shopify Inc. (NYSE:SHOP)

Pitti Group Wealth Management LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,397 shares of the software maker’s stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Oppenheimer & Co. Inc. increased its holdings in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. OneDigital Investment Advisors LLC increased its holdings in Shopify by 12.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 19,370 shares of the software maker’s stock valued at $1,552,000 after purchasing an additional 2,191 shares during the last quarter. Empowered Funds LLC increased its holdings in Shopify by 5.7% in the 3rd quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock valued at $1,799,000 after purchasing an additional 1,211 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new stake in Shopify in the 3rd quarter valued at approximately $489,000. Finally, Claro Advisors LLC acquired a new stake in Shopify in the 3rd quarter valued at approximately $456,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NYSE SHOP opened at $94.88 on Monday. The firm has a market cap of $122.86 billion, a PE ratio of 61.22, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm’s fifty day moving average is $110.88 and its two-hundred day moving average is $98.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly 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 12.00% and a net margin of 22.74%. Research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on SHOP. CIBC lifted their target price on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Citigroup boosted their price target on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. JMP Securities restated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. Piper Sandler boosted their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Finally, 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 note on Friday, December 6th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Company 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.