Coastline Trust Co Has $2.18 Million Stake in Shopify Inc. $SHOP

Coastline Trust Co raised its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 944.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 13,541 shares of the software maker’s stock after purchasing an additional 12,244 shares during the quarter. Coastline Trust Co’s holdings in Shopify were worth $2,180,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Knights of Columbus Asset Advisors LLC bought a new position in Shopify in the third quarter worth $4,110,000. Principal Financial Group Inc. increased its holdings in Shopify by 16.3% in the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after buying an additional 63,300 shares during the period. Triton Financial Group Inc bought a new stake in Shopify in the 3rd quarter valued at $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Shopify by 65.5% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after buying an additional 62,743 shares in the last quarter. Finally, TriaGen Wealth Management LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $2,562,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SHOP. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Thursday, February 12th. BMO Capital Markets set a $160.00 price target on shares of Shopify in a research report on Thursday, February 12th. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Finally, DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold 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 $163.38.

Shopify Stock Performance

NASDAQ:SHOP opened at $122.35 on Friday. The company has a market cap of $159.56 billion, a price-to-earnings ratio of 131.56, a P/E/G ratio of 4.39 and a beta of 2.83. The stock’s fifty day moving average price is $130.53 and its two-hundred day moving average price is $148.18. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.