Pinnacle Associates Ltd. Makes New Investment in Shopify Inc. (NYSE:SHOP)

Pinnacle Associates Ltd. purchased a new position in shares of Shopify Inc. (NYSE:SHOPFree Report) (TSE:SHOP) during the fourth quarter, HoldingsChannel reports. The firm purchased 3,514 shares of the software maker’s stock, valued at approximately $274,000.

Other institutional investors have also recently bought and sold shares of the company. Snowden Capital Advisors LLC grew its position in shares of Shopify by 7.8% in the second quarter. Snowden Capital Advisors LLC now owns 30,211 shares of the software maker’s stock valued at $1,952,000 after purchasing an additional 2,180 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $433,000. Advisor Resource Council acquired a new position in shares of Shopify in the fourth quarter valued at approximately $1,488,000. IFP Advisors Inc grew its position in shares of Shopify by 244.8% in the fourth quarter. IFP Advisors Inc now owns 28,384 shares of the software maker’s stock valued at $2,211,000 after purchasing an additional 20,152 shares during the last quarter. Finally, Angeles Investment Advisors LLC acquired a new position in shares of Shopify in the third quarter valued at approximately $427,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $75.65 on Thursday. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $79.16 and a two-hundred day moving average price of $70.50. Shopify Inc. has a 1-year low of $43.50 and a 1-year high of $91.57. The company has a market cap of $97.33 billion, a P/E ratio of 840.65 and a beta of 2.22.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. As a group, analysts anticipate that Shopify Inc. will post 0.57 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on SHOP. Wells Fargo & Company decreased their target price on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Canaccord Genuity Group boosted their price target on Shopify from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. UBS Group boosted their price target on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Jefferies Financial Group boosted their price target on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, January 5th. Finally, Truist Financial boosted their price target on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a research note on Monday, February 12th. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $77.38.

Read Our Latest Analysis on Shopify

About Shopify

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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