Ritholtz Wealth Management Acquires 2,951 Shares of Shopify Inc. (NYSE:SHOP)

Ritholtz Wealth Management lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.9% in the 4th quarter, HoldingsChannel reports. The firm owned 29,906 shares of the software maker’s stock after acquiring an additional 2,951 shares during the period. Ritholtz Wealth Management’s holdings in Shopify were worth $3,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of SHOP. Carnegie Investment Counsel increased its position in Shopify by 0.4% in the fourth quarter. Carnegie Investment Counsel now owns 105,746 shares of the software maker’s stock worth $11,244,000 after buying an additional 428 shares in the last quarter. Tallon Kerry Patrick purchased a new stake in Shopify in the 4th quarter worth approximately $230,000. Dixon Mitchell Investment Counsel Inc. raised its stake in Shopify by 0.4% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 203,279 shares of the software maker’s stock worth $21,624,000 after acquiring an additional 752 shares during the period. RMR Wealth Builders boosted its position in shares of Shopify by 2.9% in the fourth quarter. RMR Wealth Builders now owns 10,846 shares of the software maker’s stock worth $1,153,000 after purchasing an additional 305 shares during the period. Finally, ERn Financial LLC purchased a new stake in shares of Shopify in the fourth quarter worth $349,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOP. Moffett Nathanson lifted their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. The Goldman Sachs Group upped their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, 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 on the stock. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Price Performance

Shares of SHOP stock opened at $103.25 on Friday. The stock has a 50 day moving average price of $109.06 and a 200 day moving average price of $85.30. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $133.41 billion, a P/E ratio of 96.50, a P/E/G 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.