Baker Tilly Wealth Management LLC Raises Position in Shopify Inc. (NYSE:SHOP)

Baker Tilly Wealth Management LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,437 shares of the software maker’s stock after acquiring an additional 445 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Shopify were worth $1,535,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SHOP. Swiss National Bank grew its stake in shares of Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in Shopify by 4.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Shopify during the third quarter worth approximately $33,676,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP stock traded down $5.28 during mid-day trading on Friday, reaching $102.36. The stock had a trading volume of 3,511,576 shares, compared to its average volume of 4,828,184. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a 50-day simple moving average of $106.86 and a 200 day simple moving average of $83.99. The company has a market cap of $132.26 billion, a P/E ratio of 95.66, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $115.00 to $125.00 in a research report on Monday. Piper Sandler upped their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Mizuho lifted their price target on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued 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 a consensus rating of “Moderate Buy” and an average target price of $100.31.

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.