Blue Trust Inc. Purchases 3,000 Shares of Shopify Inc. (NYSE:SHOP)

Blue Trust Inc. boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 54.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,468 shares of the software maker’s stock after buying an additional 3,000 shares during the quarter. Blue Trust Inc.’s holdings in Shopify were worth $900,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SHOP. Kingswood Wealth Advisors LLC raised its position in shares of Shopify by 28.4% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 7,488 shares of the software maker’s stock valued at $796,000 after purchasing an additional 1,658 shares during the last quarter. Drive Wealth Management LLC acquired a new position in shares of Shopify in the 4th quarter valued at $219,000. M3 Advisory Group LLC purchased a new position in shares of Shopify in the fourth quarter worth about $258,000. Embree Financial Group purchased a new position in Shopify during the 4th quarter worth approximately $243,000. Finally, Jacksonville Wealth Management LLC acquired a new position in Shopify during the fourth quarter valued at $914,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 0.7 %

SHOP opened at $116.69 on Thursday. The stock has a market capitalization of $150.77 billion, a price-to-earnings ratio of 109.05, a PEG ratio of 2.24 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The firm has a 50 day moving average price of $109.65 and a 200-day moving average price of $87.89.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Robert W. Baird raised their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $100.32.

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.