Prasad Wealth Partners LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Prasad Wealth Partners LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 25,843 shares of the software maker’s stock, valued at approximately $2,748,000. Shopify accounts for about 0.9% of Prasad Wealth Partners LLC’s holdings, making the stock its 29th largest holding.

Several other hedge funds and other institutional investors also recently bought and sold shares of SHOP. IFP Advisors Inc boosted its position in Shopify by 15.3% during the fourth quarter. IFP Advisors Inc now owns 22,929 shares of the software maker’s stock valued at $2,438,000 after purchasing an additional 3,045 shares in the last quarter. Birchcreek Wealth Management LLC acquired a new stake in Shopify in the fourth quarter worth about $213,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Shopify in the fourth quarter worth about $3,513,000. World Equity Group Inc. raised its stake in shares of Shopify by 106.7% in the fourth quarter. World Equity Group Inc. now owns 9,062 shares of the software maker’s stock worth $964,000 after purchasing an additional 4,678 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its stake in shares of Shopify by 3.9% in the fourth quarter. Wealthspire Advisors LLC now owns 14,677 shares of the software maker’s stock worth $1,561,000 after purchasing an additional 545 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Mizuho lifted their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. TD Securities lifted their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

Shares of NYSE SHOP opened at $115.45 on Tuesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The business has a 50-day moving average of $112.84 and a 200-day moving average of $95.93. The company has a market capitalization of $149.48 billion, a price-to-earnings ratio of 74.48, a PEG ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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 net margin of 22.74% and a return on equity of 12.00%. Research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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.