Modern Wealth Management LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Modern Wealth Management LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,499 shares of the software maker’s stock, valued at approximately $266,000.

Other hedge funds also recently bought and sold shares of the company. Prudential Financial Inc. increased its holdings in Shopify by 112.7% during the fourth quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker’s stock valued at $3,864,000 after buying an additional 19,242 shares during the last quarter. Sheets Smith Investment Management purchased a new stake in shares of Shopify in the 4th quarter worth $1,081,000. Congress Wealth Management LLC DE bought a new position in Shopify in the 4th quarter worth $13,448,000. Vanguard Group Inc. lifted its position in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares in the last quarter. Finally, Optimum Investment Advisors increased its position in Shopify by 14.8% in the fourth quarter. Optimum Investment Advisors now owns 4,547 shares of the software maker’s stock worth $483,000 after buying an additional 587 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. Evercore ISI upped their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. CIBC raised their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Jefferies Financial Group upped their target price on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday, February 18th. Finally, Scotiabank raised their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have given 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 an average price target of $126.31.

Shopify Price Performance

Shares of NYSE:SHOP opened at $96.51 on Friday. The firm has a market capitalization of $124.96 billion, a PE ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The business has a 50 day simple moving average of $110.21 and a two-hundred day simple moving average of $100.55. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 net margin of 22.74% and a return on equity of 12.00%. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.