Beacon Investment Advisory Services Inc. Takes $218,000 Position in Shopify Inc. (NYSE:SHOP)

Beacon Investment Advisory Services Inc. acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 2,050 shares of the software maker’s stock, valued at approximately $218,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group lifted its stake in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Brooklyn Investment Group bought a new position in Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Truvestments Capital LLC bought a new stake in Shopify in the third quarter valued at about $45,000. Finally, GAMMA Investing LLC raised its position in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE:SHOP opened at $106.16 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a market cap of $137.17 billion, a P/E ratio of 99.21, a P/E/G ratio of 2.24 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock’s 50-day simple moving average is $109.44 and its 200 day simple moving average is $86.51.

Analyst Ratings Changes

A number of research firms have weighed in on SHOP. New Street Research initiated coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. Mizuho boosted their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group increased their price objective on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Wells Fargo & Company lifted their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Citigroup upped their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.