2,058 Shares in Shopify Inc. (NYSE:SHOP) Bought by Drive Wealth Management LLC

Drive Wealth Management LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,058 shares of the software maker’s stock, valued at approximately $219,000.

Other large investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Shopify during the third quarter worth $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Truvestments Capital LLC bought a new position in Shopify during the third quarter worth $45,000. GAMMA Investing LLC lifted its stake in Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares during the last quarter. Finally, HM Payson & Co. lifted its stake in Shopify by 37.2% during the third quarter. HM Payson & Co. now owns 686 shares of the software maker’s stock worth $55,000 after purchasing an additional 186 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Down 0.3 %

NYSE:SHOP opened at $107.41 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The stock’s 50-day moving average is $109.37 and its two-hundred day moving average is $87.22. The stock has a market cap of $138.78 billion, a PE ratio of 100.38, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SHOP shares. Oppenheimer increased their target price on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Truist Financial increased their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Finally, Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has issued 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 target price of $100.32.

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.