Simplicity Wealth LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Simplicity Wealth LLC purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,755 shares of the software maker's stock, valued at approximately $1,524,000.

Other hedge funds also recently modified their holdings of the company. Private Wealth Management Group LLC acquired a new position in shares of Shopify during the fourth quarter worth $26,000. SJS Investment Consulting Inc. lifted its holdings in Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker's stock worth $27,000 after buying an additional 130 shares during the period. DSM Capital Partners LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp bought a new position in shares of Shopify during the fourth quarter worth about $28,000. Finally, Your Advocates Ltd. LLP lifted its stake in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker's stock worth $31,000 after acquiring an additional 391 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. CIBC decreased their target price on shares of Shopify from $100.00 to $85.00 and set an "outperformer" rating for the company in a research report on Thursday, May 9th. Atb Cap Markets upgraded shares of Shopify from a "sector perform" rating to an "outperform" rating in a report on Wednesday, May 8th. Roth Capital upped their price target on shares of Shopify from $85.00 to $89.00 and gave the company a "buy" rating in a research report on Wednesday, February 14th. Scotiabank lowered their price objective on Shopify from $80.00 to $75.00 and set a "sector perform" rating for the company in a research report on Thursday, May 9th. Finally, Loop Capital cut their target price on Shopify from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $76.86.

Shopify Stock Performance

SHOP stock traded up $0.39 during midday trading on Monday, hitting $58.92. The company's stock had a trading volume of 7,755,273 shares, compared to its average volume of 10,311,081. The stock has a market cap of $75.93 billion, a price-to-earnings ratio of -346.59, a PEG ratio of 2.38 and a beta of 2.20. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock's 50-day moving average price is $71.87 and its 200 day moving average price is $74.40. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

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.

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