Blue Rock Wealth Management LLC Invests $659,000 in Shopify Inc. (NYSE:SHOP)

Blue Rock Wealth Management LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 6,200 shares of the software maker's stock, valued at approximately $659,000. Shopify accounts for approximately 0.7% of Blue Rock Wealth Management LLC's investment portfolio, making the stock its 29th biggest holding.

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

Analysts Set New Price Targets

SHOP has been the subject of a number of recent analyst reports. Mizuho dropped their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Jefferies Financial Group lifted their price objective on Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a research report on Tuesday, February 18th. Evercore ISI raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. UBS Group boosted their target price on shares of Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada lowered their price target on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $118.14.

Shopify Price Performance

NYSE:SHOP traded up $2.24 on Friday, hitting $99.25. 11,137,325 shares of the company's stock were exchanged, compared to its average volume of 9,313,546. The firm has a 50-day moving average price of $94.71 and a 200-day moving average price of $102.44. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market cap of $128.51 billion, a P/E ratio of 64.03, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. On average, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.