Franklin Street Advisors Inc. NC Invests $10.89 Million in Shopify Inc. $SHOP

Franklin Street Advisors Inc. NC bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 67,655 shares of the software maker’s stock, valued at approximately $10,890,000.

A number of other hedge funds have also modified their holdings of the stock. Runnymede Capital Advisors Inc. acquired a new position in shares of Shopify in the 4th quarter worth approximately $937,000. Center For Asset Management LLC acquired a new stake in Shopify during the 4th quarter valued at $214,000. BIP Wealth LLC acquired a new stake in Shopify during the 4th quarter valued at $680,000. Greenleaf Trust increased its holdings in Shopify by 19.0% during the 4th quarter. Greenleaf Trust now owns 4,861 shares of the software maker’s stock valued at $782,000 after purchasing an additional 776 shares in the last quarter. Finally, Petra Financial Advisors Inc. increased its holdings in Shopify by 4.2% during the 4th quarter. Petra Financial Advisors Inc. now owns 4,238 shares of the software maker’s stock valued at $682,000 after purchasing an additional 170 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “buy” rating and set a $172.00 price target (down from $195.00) on shares of Shopify in a report on Friday, February 13th. BMO Capital Markets set a $160.00 price target on Shopify in a report on Thursday, February 12th. Jefferies Financial Group raised their price target on Shopify from $125.00 to $150.00 and gave the company a “hold” rating in a report on Monday, March 9th. Barclays set a $130.00 price target on Shopify and gave the company an “equal weight” rating in a report on Thursday, February 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $162.70.

Shopify Stock Performance

Shares of SHOP opened at $120.10 on Thursday. The firm has a market capitalization of $156.62 billion, a price-to-earnings ratio of 129.14, a PEG ratio of 4.24 and a beta of 2.82. The business’s fifty day moving average price is $121.38 and its two-hundred day moving average price is $145.43. Shopify Inc. has a 52 week low of $74.67 and a 52 week high of $182.19.

About Shopify

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.