Baer Investment Advisory LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Baer Investment Advisory LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 31,604 shares of the software maker's stock, valued at approximately $3,360,000. Shopify makes up 7.0% of Baer Investment Advisory LLC's portfolio, making the stock its 4th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allianz SE purchased a new stake in Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC boosted its holdings in shares of 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. Fourth Dimension Wealth LLC bought a new position in Shopify in the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% in 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 in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new position in Shopify in the fourth quarter worth about $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. The Goldman Sachs Group decreased their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. National Bankshares reduced their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Piper Sandler raised their price target on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their price target on Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Mizuho lowered their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Stock Up 0.3%

NYSE SHOP traded up $0.37 on Wednesday, reaching $107.11. The company had a trading volume of 6,772,081 shares, compared to its average volume of 9,457,932. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market capitalization of $138.69 billion, a PE ratio of 69.10, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The firm's 50 day moving average price is $95.39 and its 200 day moving average price is $105.02.

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.