Tyche Wealth Partners LLC Invests $293,000 in Shopify Inc. (NYSE:SHOP)

Tyche Wealth Partners LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, Holdings Channel reports. The fund bought 3,760 shares of the software maker’s stock, valued at approximately $293,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. grew its holdings in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.6% during the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after buying an additional 634,883 shares in the last quarter. Norges Bank purchased a new position in shares of Shopify during the fourth quarter valued at $414,365,000. TD Asset Management Inc grew its holdings in shares of Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock valued at $389,052,000 after buying an additional 299,788 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Shopify by 6.5% during the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock valued at $339,750,000 after buying an additional 377,901 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group lifted their price target on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. StockNews.com downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Tuesday. Truist Financial upped their price target on Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, February 12th. DA Davidson upped their price target on Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, BNP Paribas cut Shopify from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 18th. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Hold” and a consensus price target of $78.00.

Shopify Stock Up 1.1 %

NYSE SHOP opened at $69.43 on Thursday. The firm has a market cap of $89.33 billion, a PE ratio of 771.53 and a beta of 2.22. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The stock’s 50 day simple moving average is $77.14 and its 200 day simple moving average is $71.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, sell-side analysts forecast that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

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.