Cary Street Partners Financial LLC Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Cary Street Partners Financial LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 42,614 shares of the software maker's stock, valued at approximately $4,531,000.

A number of other institutional investors have also modified their holdings of SHOP. Synovus Financial Corp acquired a new stake in Shopify during the 3rd quarter valued at approximately $481,000. CWA Asset Management Group LLC increased its holdings in Shopify by 3.6% in the fourth quarter. CWA Asset Management Group LLC now owns 4,282 shares of the software maker's stock valued at $455,000 after buying an additional 148 shares during the last quarter. Diversified Trust Co acquired a new stake in Shopify during the fourth quarter valued at approximately $279,000. One Wealth Capital Management LLC acquired a new position in shares of Shopify in the 4th quarter worth approximately $1,281,000. Finally, Fulton Bank N.A. bought a new stake in shares of Shopify in the 4th quarter valued at approximately $286,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of Shopify stock traded down $2.23 during trading on Friday, hitting $91.77. 15,336,944 shares of the company were exchanged, compared to its average volume of 9,137,273. The firm's fifty day moving average price is $93.29 and its 200 day moving average price is $102.89. The firm has a market capitalization of $118.83 billion, a P/E ratio of 59.21, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

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 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 research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

SHOP has been the subject of several recent research reports. BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Citigroup increased their price objective on shares of Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Scotiabank decreased their target price on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. ATB Capital increased their price target on Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. Finally, Robert W. Baird boosted their price objective on Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One investment 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 issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $115.37.

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.