Balentine LLC Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Balentine LLC acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, HoldingsChannel reports. The firm acquired 3,407 shares of the software maker’s stock, valued at approximately $265,000.

Other institutional investors have also bought and sold shares of the company. Yousif Capital Management LLC lifted its position in shares of Shopify by 1.8% during the third quarter. Yousif Capital Management LLC now owns 17,395 shares of the software maker’s stock worth $949,000 after acquiring an additional 315 shares in the last quarter. Wealthfront Advisers LLC lifted its position in shares of Shopify by 100.1% during the third quarter. Wealthfront Advisers LLC now owns 7,937 shares of the software maker’s stock worth $433,000 after acquiring an additional 3,971 shares in the last quarter. M&T Bank Corp raised its position in shares of Shopify by 2.9% in the third quarter. M&T Bank Corp now owns 23,954 shares of the software maker’s stock worth $1,307,000 after buying an additional 675 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Shopify by 8.7% in the third quarter. Principal Financial Group Inc. now owns 229,177 shares of the software maker’s stock worth $12,521,000 after buying an additional 18,302 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Shopify by 27.8% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,143 shares of the software maker’s stock worth $499,000 after buying an additional 1,988 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SHOP. ATB Capital increased their price objective on Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Citigroup reduced their target price on Shopify from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Barclays reduced their target price on Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. Finally, Wells Fargo & Company reduced their target price on Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Shopify Price Performance

SHOP stock opened at $58.72 on Thursday. The firm has a market capitalization of $75.67 billion, a price-to-earnings ratio of -345.41, a PEG ratio of 2.61 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The firm has a 50 day moving average price of $71.09 and a 200-day moving average price of $74.26. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57.

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.