Whitaker Myers Wealth Managers LTD. Purchases New Position in Shopify Inc. $SHOP

Whitaker Myers Wealth Managers LTD. purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 10,819 shares of the software maker’s stock, valued at approximately $1,742,000.

A number of other hedge funds have also modified their holdings of SHOP. Brighton Jones LLC raised its position in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC raised its position in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after acquiring an additional 7,544 shares during the period. Sivia Capital Partners LLC raised its position in shares of Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after acquiring an additional 506 shares during the period. Cerity Partners LLC raised its position in shares of Shopify by 12.8% in the 2nd quarter. Cerity Partners LLC now owns 110,455 shares of the software maker’s stock valued at $12,741,000 after acquiring an additional 12,510 shares during the period. Finally, Natixis raised its position in shares of Shopify by 236.6% in the 2nd quarter. Natixis now owns 26,572 shares of the software maker’s stock valued at $3,065,000 after acquiring an additional 18,677 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on SHOP. Barclays set a $130.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the company a “hold” rating in a research report on Wednesday, February 11th. Evercore set a $135.00 target price on shares of Shopify in a report on Wednesday, February 11th. Truist Financial set a $150.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Finally, Robert W. Baird set a $160.00 target price on shares of Shopify in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $162.70.

Shopify Stock Down 6.4%

NASDAQ SHOP opened at $112.38 on Friday. Shopify Inc. has a 12-month low of $78.00 and a 12-month high of $182.19. The company has a market capitalization of $146.56 billion, a PE ratio of 120.84, a price-to-earnings-growth ratio of 4.26 and a beta of 2.82. The firm’s 50 day moving average is $120.76 and its 200-day moving average is $145.21.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.