Kovack Advisors Inc. Has $1.12 Million Stake in Shopify Inc. (NYSE:SHOP)

Kovack Advisors Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,553 shares of the software maker’s stock after acquiring an additional 1,331 shares during the period. Kovack Advisors Inc.’s holdings in Shopify were worth $1,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brooklyn Investment Group bought a new position in Shopify during the third quarter worth $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 during the last quarter. New Wave Wealth Advisors LLC acquired a new stake in Shopify in the 4th quarter worth $39,000. Mather Group LLC. increased its holdings in shares of Shopify by 84.8% during 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 during the period. Finally, Truvestments Capital LLC acquired a new position in shares of Shopify during the third quarter valued at about $45,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 2.2 %

Shares of NYSE:SHOP opened at $110.72 on Friday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The business has a 50 day moving average of $112.82 and a 200-day moving average of $96.45. The stock has a market cap of $143.36 billion, a PE ratio of 71.43, a P/E/G ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. Equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” 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 report on Tuesday, November 12th. Piper Sandler upped their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. KeyCorp lifted their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, TD Securities boosted their price objective on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average 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.