2,544 Shares in Shopify Inc. (NYSE:SHOP) Acquired by Redwood Investments LLC

Redwood Investments LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,544 shares of the software maker's stock, valued at approximately $271,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eastern Bank lifted its holdings in shares of Shopify by 18.4% in the 4th quarter. Eastern Bank now owns 2,120 shares of the software maker's stock worth $225,000 after buying an additional 330 shares during the period. Rosenberg Matthew Hamilton raised its stake in Shopify by 28.8% in the 4th quarter. Rosenberg Matthew Hamilton now owns 586 shares of the software maker's stock worth $62,000 after acquiring an additional 131 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $273,000. SS&H Financial Advisors Inc. acquired a new stake in shares of Shopify in the fourth quarter worth $247,000. Finally, Park Avenue Securities LLC raised its stake in shares of Shopify by 22.6% during the 4th quarter. Park Avenue Securities LLC now owns 35,278 shares of the software maker's stock valued at $3,751,000 after buying an additional 6,505 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP opened at $111.45 on Thursday. The stock has a market capitalization of $144.31 billion, a P/E ratio of 71.90, a P/E/G ratio of 4.82 and a beta of 2.66. The company's 50-day simple moving average is $93.58 and its two-hundred day simple moving average is $103.31. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Wedbush reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. Royal Bank of Canada dropped their price objective on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group reduced their price target on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Truist Financial cut their target price on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. Finally, KeyCorp decreased their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.37.

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.

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