Procyon Advisors LLC Has $8.04 Million Stake in Shopify Inc. (NYSE:SHOP)

Procyon Advisors LLC boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,619 shares of the software maker’s stock after buying an additional 7,375 shares during the period. Procyon Advisors LLC’s holdings in Shopify were worth $8,041,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SHOP. Swiss National Bank increased its position in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its position in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after acquiring an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the period. Oppenheimer & Co. Inc. increased its holdings in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV raised its stake in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research reports. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Barclays boosted their price objective on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. New Street Research assumed coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Finally, Robert W. Baird raised their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Down 0.7 %

Shares of NYSE SHOP opened at $103.47 on Friday. The firm’s fifty day moving average is $108.71 and its 200 day moving average is $85.17. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $133.70 billion, a price-to-earnings ratio of 96.71, a PEG ratio of 2.18 and a beta of 2.46.

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.