Sugarloaf Wealth Management LLC Buys 600 Shares of Shopify Inc. (NYSE:SHOP)

Sugarloaf Wealth Management LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 53.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,720 shares of the software maker’s stock after buying an additional 600 shares during the period. Sugarloaf Wealth Management LLC’s holdings in Shopify were worth $183,000 at the end of the most recent reporting period.

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

Shopify Stock Down 3.9 %

Shares of SHOP traded down $4.22 during trading hours on Friday, hitting $103.42. The company had a trading volume of 6,210,375 shares, compared to its average volume of 5,315,124. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The stock has a market capitalization of $133.63 billion, a price-to-earnings ratio of 96.66, a P/E/G ratio of 2.98 and a beta of 2.46. The firm has a fifty day moving average price of $106.86 and a 200-day moving average price of $83.99.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. New Street Research assumed coverage on shares of Shopify in a research report on Friday. They issued a “neutral” rating and a $115.00 target price on the stock. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $115.00 to $125.00 in a research report on Monday. Royal Bank of Canada lifted their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, Piper Sandler upped their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $100.31.

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.