Flaharty Asset Management LLC Raises Holdings in Shopify Inc. (NYSE:SHOP)

Flaharty Asset Management LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,890 shares of the software maker’s stock after purchasing an additional 800 shares during the quarter. Flaharty Asset Management LLC’s holdings in Shopify were worth $307,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Metis Global Partners LLC lifted its stake in shares of Shopify by 1.4% during the 4th quarter. Metis Global Partners LLC now owns 52,139 shares of the software maker’s stock worth $5,549,000 after purchasing an additional 740 shares during the last quarter. US Bancorp DE lifted its stake in shares of Shopify by 3.9% during the 4th quarter. US Bancorp DE now owns 69,597 shares of the software maker’s stock worth $7,400,000 after purchasing an additional 2,605 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Shopify by 3.5% during the 4th quarter. Fisher Asset Management LLC now owns 581,980 shares of the software maker’s stock worth $61,882,000 after purchasing an additional 19,804 shares during the last quarter. Henry James International Management Inc. lifted its stake in shares of Shopify by 5.1% during the 4th quarter. Henry James International Management Inc. now owns 156,637 shares of the software maker’s stock worth $16,655,000 after purchasing an additional 7,572 shares during the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter worth $563,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SHOP. DA Davidson upped their price objective on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler increased their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Robert W. Baird increased their price target on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. ATB Capital increased their price objective on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada increased their price objective on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. One 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Price Performance

NYSE SHOP opened at $111.97 on Friday. The company has a market cap of $144.98 billion, a PE ratio of 72.24, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. The stock’s 50 day simple moving average is $112.88 and its 200-day simple moving average is $96.75. 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 earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.