Financial Avengers Inc. Raises Position in Shopify Inc. (NYSE:SHOP)

Financial Avengers Inc. lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 44,545 shares of the software maker’s stock after purchasing an additional 985 shares during the quarter. Shopify accounts for approximately 2.2% of Financial Avengers Inc.’s investment portfolio, making the stock its 13th biggest holding. Financial Avengers Inc.’s holdings in Shopify were worth $4,736,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SHOP. Allianz SE acquired a new position in shares of Shopify in the 4th quarter valued at $27,000. PFG Private Wealth Management LLC grew its holdings in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new position in Shopify in the 4th quarter valued at about $39,000. Finally, Mather Group LLC. grew its holdings in shares of Shopify by 84.8% during the 4th 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. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Down 2.4%

Shopify stock opened at $106.43 on Wednesday. The firm has a market capitalization of $137.81 billion, a P/E ratio of 68.66, a P/E/G ratio of 4.82 and a beta of 2.66. The stock’s fifty day simple moving average is $94.87 and its 200-day simple moving average is $104.30. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHOP. Canaccord Genuity Group raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. UBS Group lowered their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Piper Sandler boosted their target price on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Loop Capital lowered their target price on shares of Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial reduced their price objective on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $115.37.

Shopify 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.