Castlekeep Investment Advisors LLC Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Castlekeep Investment Advisors LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,441 shares of the software maker's stock, valued at approximately $1,323,000.

Other institutional investors have also recently made changes to their positions in the company. Parr Mcknight Wealth Management Group LLC bought a new position in shares of Shopify during the fourth quarter valued at $287,000. Public Employees Retirement System of Ohio raised its position in Shopify by 58.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 666,431 shares of the software maker's stock worth $70,867,000 after buying an additional 246,277 shares during the last quarter. Investment Management Corp VA ADV bought a new position in Shopify during the 4th quarter valued at about $106,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Finally, Vise Technologies Inc. grew its stake in shares of Shopify by 37.2% in the fourth quarter. Vise Technologies Inc. now owns 22,837 shares of the software maker's stock worth $2,428,000 after acquiring an additional 6,198 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Robert W. Baird raised their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Citigroup increased their price target on Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. UBS Group dropped their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Truist Financial reduced their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Finally, TD Securities increased their target price on Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $115.37.

Shopify Stock Performance

Shares of SHOP traded up $5.23 during midday trading on Tuesday, hitting $106.74. 7,550,825 shares of the company traded hands, compared to its average volume of 9,468,673. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a 50 day moving average of $95.29 and a 200-day moving average of $105.00. The stock has a market cap of $138.21 billion, a price-to-earnings ratio of 68.86, a PEG ratio of 4.82 and a beta of 2.66.

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.