Oak Harbor Wealth Partners LLC Invests $262,000 in Shopify Inc. (NYSE:SHOP)

Oak Harbor Wealth Partners LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,468 shares of the software maker’s stock, valued at approximately $262,000.

Several other institutional investors have also modified their holdings of SHOP. PFG Private Wealth Management LLC lifted its stake in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Shopify in the 3rd quarter valued at approximately $33,000. New Wave Wealth Advisors LLC purchased a new stake in Shopify in the 4th quarter valued at approximately $39,000. Mather Group LLC. lifted its stake in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new stake in Shopify in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on SHOP. Royal Bank of Canada upped their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. Robert W. Baird boosted their price target on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Morgan Stanley boosted their price target on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their price target on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. 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, the company presently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Trading Down 2.4 %

Shares of NYSE:SHOP opened at $100.00 on Friday. The firm’s 50 day moving average is $112.26 and its two-hundred day moving average is $97.80. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a market capitalization of $129.48 billion, a P/E ratio of 64.52, a PEG ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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%. Analysts predict that Shopify Inc. will post 1.12 EPS for the current 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.