Wedbush Securities Inc. Increases Holdings in Shopify Inc. (NYSE:SHOP)

Wedbush Securities Inc. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,304 shares of the software maker’s stock after buying an additional 247 shares during the quarter. Wedbush Securities Inc.’s holdings in Shopify were worth $2,691,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SHOP. Integrated Wealth Concepts LLC increased its position in Shopify by 2.1% in the third quarter. Integrated Wealth Concepts LLC now owns 32,078 shares of the software maker’s stock worth $2,571,000 after buying an additional 655 shares during the last quarter. IHT Wealth Management LLC increased its holdings in Shopify by 13.6% in the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker’s stock worth $678,000 after acquiring an additional 1,011 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in Shopify by 1.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 329,882 shares of the software maker’s stock valued at $26,437,000 after acquiring an additional 5,108 shares during the period. Quantinno Capital Management LP lifted its holdings in Shopify by 47.0% during the third quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker’s stock valued at $3,122,000 after purchasing an additional 12,455 shares during the last quarter. Finally, EP Wealth Advisors LLC boosted its position in Shopify by 26.3% during the third quarter. EP Wealth Advisors LLC now owns 12,496 shares of the software maker’s stock worth $1,001,000 after purchasing an additional 2,602 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

NYSE:SHOP opened at $76.89 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business has a 50 day moving average price of $108.67 and a 200-day moving average price of $101.41. The firm has a market cap of $99.56 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of several research reports. Barclays boosted their price target on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Truist Financial increased their target price on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. UBS Group lifted their price target on Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. increased their price objective on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, ATB Capital lifted their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

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.