Baker Avenue Asset Management LP Has $21.51 Million Holdings in Shopify Inc. (NYSE:SHOP)

Baker Avenue Asset Management LP decreased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,260 shares of the software maker's stock after selling 14,740 shares during the period. Baker Avenue Asset Management LP's holdings in Shopify were worth $21,506,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Allianz SE acquired a new position in shares of Shopify during the 4th quarter worth about $27,000. PFG Private Wealth Management LLC increased its position in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after buying an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after buying an additional 100 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify in the fourth quarter valued at approximately $39,000. Finally, Mather Group LLC. grew its stake in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after acquiring an additional 184 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SHOP shares. Oppenheimer cut their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $121.00 to $124.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group lifted their target price on Shopify from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. ATB Capital upped their price target on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Finally, Robert W. Baird raised their price objective on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $118.14.

Shopify Stock Up 2.3 %

SHOP stock opened at $99.25 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market cap of $128.51 billion, a P/E ratio of 64.03, a PEG ratio of 4.82 and a beta of 2.66. The business has a fifty day moving average of $94.71 and a 200-day moving average of $102.44.

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

Shopify Company 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.

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