Strategic Financial Concepts LLC Purchases 21,366 Shares of Shopify Inc. (NYSE:SHOP)

Strategic Financial Concepts LLC boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 770.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 24,139 shares of the software maker’s stock after buying an additional 21,366 shares during the period. Strategic Financial Concepts LLC’s holdings in Shopify were worth $2,567,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. New Wave Wealth Advisors LLC purchased a new position in Shopify in the 4th quarter worth approximately $39,000. Mather Group LLC. raised its position in shares of 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. Brooklyn Investment Group purchased a new position in shares of Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton grew its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Finally, Synergy Asset Management LLC bought a new stake in shares of Shopify in the fourth quarter worth about $55,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $117.33 on Monday. The stock’s 50-day moving average is $110.91 and its 200 day moving average is $90.72. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market cap of $151.60 billion, a P/E ratio of 109.65, a PEG ratio of 2.49 and a beta of 2.47.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. New Street Research assumed coverage on Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. Canaccord Genuity Group raised their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Scotiabank boosted their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $130.00 price target on shares of Shopify in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock 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.