Entropy Technologies LP Invests $2.55 Million in Shopify Inc. (NYSE:SHOP)

Entropy Technologies LP acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 23,978 shares of the software maker’s stock, valued at approximately $2,550,000.

Other large investors also recently modified their holdings of the company. Jennison Associates LLC acquired a new position in shares of Shopify during the 4th quarter worth about $132,323,000. Swiss National Bank boosted its stake in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC boosted its stake in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Shopify by 29.3% during 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 buying an additional 77,500 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Scotiabank raised their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the company from $115.00 to $125.00 in a research note on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify Stock Performance

NYSE SHOP opened at $117.33 on Friday. The firm’s fifty day moving average price is $110.91 and its two-hundred day moving average price is $90.53. The stock has a market cap of $151.60 billion, a PE ratio of 109.65, a PEG ratio of 2.49 and a beta of 2.47. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $122.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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.