Sheets Smith Wealth Management Makes New $447,000 Investment in Shopify Inc. (NYSE:SHOP)

Sheets Smith Wealth Management acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,207 shares of the software maker’s stock, valued at approximately $447,000.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in Shopify by 23.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,020 shares of the software maker’s stock valued at $185,000 after purchasing an additional 581 shares during the last quarter. Evergreen Capital Management LLC raised its stake in shares of Shopify by 12.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 10,508 shares of the software maker’s stock worth $694,000 after purchasing an additional 1,201 shares in the last quarter. Insigneo Advisory Services LLC boosted its holdings in shares of Shopify by 4.1% in the 2nd quarter. Insigneo Advisory Services LLC now owns 31,937 shares of the software maker’s stock valued at $2,109,000 after buying an additional 1,245 shares during the last quarter. Fred Alger Management LLC grew its stake in shares of Shopify by 274.3% in the second quarter. Fred Alger Management LLC now owns 610,839 shares of the software maker’s stock valued at $40,346,000 after buying an additional 447,656 shares in the last quarter. Finally, Caxton Associates LP acquired a new position in Shopify during the second quarter worth $3,963,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 0.1 %

NYSE SHOP opened at $106.39 on Thursday. The business has a fifty day moving average price of $109.62 and a two-hundred day moving average price of $86.37. The stock has a market capitalization of $137.47 billion, a PE ratio of 99.43, a PEG ratio of 2.17 and a beta of 2.46. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Analyst Ratings Changes

A number of analysts have commented on the stock. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Barclays raised their target price on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Mizuho boosted 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Shopify in a research report on Wednesday. Finally, Canaccord Genuity Group boosted their target price on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.31.

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.