State of Tennessee Department of Treasury Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

State of Tennessee Department of Treasury increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 736,502 shares of the software maker’s stock after acquiring an additional 23,770 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Shopify were worth $78,346,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Allianz SE purchased a new position in Shopify in the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC grew its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $39,000. Finally, Mather Group LLC. boosted its stake in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SHOP shares. Truist Financial upped their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and set a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Royal Bank of Canada reduced their target price on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a report on Thursday. UBS Group lifted their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group increased their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.94.

Shopify Price Performance

Shares of Shopify stock opened at $83.65 on Monday. The stock has a market cap of $108.31 billion, a PE ratio of 53.97, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. The firm has a fifty day moving average price of $100.46 and a 200 day moving average price of $101.78. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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

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.