Petra Financial Advisors Inc. Invests $558,000 in Shopify Inc. (NYSE:SHOP)

Petra Financial Advisors Inc. purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,247 shares of the software maker’s stock, valued at approximately $558,000.

Several other large investors also recently added to or reduced their stakes in the business. FMR LLC grew its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company grew its position in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares during the period. National Bank of Canada FI grew its position in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after buying an additional 1,621,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after buying an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC grew its position in Shopify by 9.6% during the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after buying an additional 471,280 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SHOP shares. Truist Financial boosted their target price on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Citigroup upped their price target on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Morgan Stanley upped their price target on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Finally, ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. One equities research 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.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Trading Up 2.0 %

Shopify stock opened at $96.78 on Tuesday. The firm has a 50-day moving average price of $110.53 and a 200-day moving average price of $98.94. The firm has a market capitalization of $125.31 billion, a PE ratio of 62.44, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12-month low of $48.56 and a 12-month 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 (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.