Ashton Thomas Private Wealth LLC Invests $561,000 in Shopify Inc. (NYSE:SHOP)

Ashton Thomas Private Wealth LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,275 shares of the software maker’s stock, valued at approximately $561,000.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. PFG Private Wealth Management LLC raised its position in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the period. New Wave Wealth Advisors LLC bought a new stake in Shopify in the fourth quarter valued at approximately $39,000. Mather Group LLC. raised its holdings in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the period. Brooklyn Investment Group bought a new position in shares of Shopify during the third quarter worth $33,000. Finally, Sierra Ocean LLC acquired a new position in shares of Shopify in the 4th quarter valued at $46,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $92.49 on Tuesday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $119.76 billion, a price-to-earnings ratio of 59.67, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The company has a fifty day moving average price of $111.97 and a two-hundred day moving average price of $98.24.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. CIBC raised their price objective on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group increased their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Finally, KeyCorp raised their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Company Profile

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.