Brooklyn FI LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Brooklyn FI LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 4,672 shares of the software maker's stock, valued at approximately $452,000.

Several other institutional investors have also made changes to their positions in SHOP. Tallon Kerry Patrick bought a new stake in shares of Shopify in the fourth quarter valued at approximately $230,000. Brighton Jones LLC boosted its holdings in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the period. RFG Advisory LLC grew its position in Shopify by 7.5% in the 4th quarter. RFG Advisory LLC now owns 8,706 shares of the software maker's stock worth $926,000 after purchasing an additional 608 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Shopify by 8.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 4,069 shares of the software maker's stock worth $433,000 after purchasing an additional 318 shares during the last quarter. Finally, Drive Wealth Management LLC acquired a new stake in Shopify in the 4th quarter valued at about $219,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. The Goldman Sachs Group lowered their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. CIBC boosted their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Finally, Royal Bank of Canada reduced their target price 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. One equities research analyst has rated the stock with a sell rating, fourteen have issued 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 presently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Trading Up 0.6%

Shares of NYSE:SHOP traded up $0.59 on Thursday, reaching $107.70. 6,635,939 shares of the company traded hands, compared to its average volume of 9,441,608. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business's 50-day simple moving average is $95.45 and its 200 day simple moving average is $105.03. The stock has a market capitalization of $139.45 billion, a P/E ratio of 69.48, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

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.