Central Asset Investments & Management Holdings HK Ltd Buys New Position in Shopify Inc. (NYSE:SHOP)

Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,624 shares of the software maker’s stock, valued at approximately $279,000.

Several other hedge funds have also made changes to their positions in SHOP. Pallas Capital Advisors LLC lifted its holdings in Shopify by 51.2% during the 3rd quarter. Pallas Capital Advisors LLC now owns 15,501 shares of the software maker’s stock worth $1,237,000 after buying an additional 5,249 shares in the last quarter. Diversify Advisory Services LLC increased its position in shares of Shopify by 38.2% during the third quarter. Diversify Advisory Services LLC now owns 13,954 shares of the software maker’s stock worth $1,139,000 after acquiring an additional 3,857 shares during the period. MONECO Advisors LLC raised its stake in shares of Shopify by 5.0% in the third quarter. MONECO Advisors LLC now owns 6,948 shares of the software maker’s stock valued at $557,000 after acquiring an additional 330 shares in the last quarter. Valmark Advisers Inc. boosted its holdings in Shopify by 5.5% in the third quarter. Valmark Advisers Inc. now owns 10,867 shares of the software maker’s stock valued at $871,000 after purchasing an additional 568 shares during the period. Finally, Highline Wealth Partners LLC acquired a new position in Shopify during the 3rd quarter worth $70,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. TD Securities increased their price target on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Moffett Nathanson raised their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Cantor Fitzgerald reiterated a “neutral” rating and set a $120.00 price target on shares of Shopify in a report on Wednesday, February 12th. Truist Financial raised their price objective on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Finally, Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

SHOP stock opened at $113.46 on Thursday. The stock’s 50 day moving average price is $112.74 and its 200 day moving average price is $96.35. The firm has a market cap of $146.91 billion, a P/E ratio of 73.20, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.