Procyon Advisors LLC Acquires 7,375 Shares of Shopify Inc. (NYSE:SHOP)

Procyon Advisors LLC increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 75,619 shares of the software maker’s stock after purchasing an additional 7,375 shares during the quarter. Procyon Advisors LLC’s holdings in Shopify were worth $8,041,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Sunbelt Securities Inc. lifted its holdings in shares of Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after purchasing an additional 105 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its position in Shopify by 3.3% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after buying an additional 107 shares during the last quarter. Moser Wealth Advisors LLC lifted its stake in Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after acquiring an additional 128 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after acquiring an additional 129 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 28.8% in the 4th quarter. Rosenberg Matthew Hamilton now owns 586 shares of the software maker’s stock worth $62,000 after buying an additional 131 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NYSE SHOP opened at $103.47 on Friday. 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 firm has a fifty day moving average of $108.71 and a 200 day moving average of $85.17. The firm has a market cap of $133.70 billion, a PE ratio of 96.71, a PEG ratio of 2.18 and a beta of 2.46. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. New Street Research began coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price on the stock. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $115.00 to $125.00 in a report on Monday, January 6th. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Piper Sandler raised their price target on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Shopify 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.