Brooklyn FI LLC Makes New $452,000 Investment in Shopify Inc. (NYSE:SHOP)

Brooklyn FI LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,672 shares of the software maker’s stock, valued at approximately $452,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Shopify during the 4th quarter valued at about $132,323,000. Western Financial Corp CA acquired a new position in shares of Shopify during the 4th quarter valued at about $239,000. Kessler Investment Group LLC acquired a new position in shares of Shopify during the 4th quarter valued at about $6,105,000. First National Corp MA ADV acquired a new position in shares of Shopify during the 4th quarter valued at about $237,000. Finally, Empowered Funds LLC boosted its position in shares of Shopify by 39.7% during the 4th quarter. Empowered Funds LLC now owns 31,355 shares of the software maker’s stock valued at $3,334,000 after acquiring an additional 8,909 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Morgan Stanley upped their target price on shares of Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Truist Financial decreased their target price on shares of Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Mizuho decreased their target price on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

Shopify Trading Down 1.7%

SHOP stock opened at $101.51 on Tuesday. The company has a market capitalization of $131.44 billion, a P/E ratio of 65.49, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The business has a 50 day simple moving average of $95.29 and a 200-day simple moving average of $105.00.

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.