Tyche Wealth Partners LLC Acquires Shares of 3,760 Shopify Inc. (NYSE:SHOP)

Tyche Wealth Partners LLC acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,760 shares of the software maker’s stock, valued at approximately $293,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Industrial Alliance Investment Management Inc. increased its holdings in shares of Shopify by 292.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after purchasing an additional 82 shares during the period. Turim 21 Investimentos Ltda. acquired a new position in shares of Shopify in the first quarter valued at approximately $148,000. Fairfield Bush & CO. acquired a new position in shares of Shopify in the first quarter valued at approximately $169,000. First Manhattan Co. increased its holdings in shares of Shopify by 317.5% in the first quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after purchasing an additional 200 shares during the period. Finally, Stonebridge Capital Advisors LLC increased its holdings in shares of Shopify by 508.2% in the first quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SHOP shares. CIBC boosted their target price on Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Jefferies Financial Group upped their price objective on Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, January 5th. Barclays dropped their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 14th. Citigroup dropped their price objective on Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of “Hold” and an average price target of $78.00.

Shopify Stock Performance

Shopify stock opened at $69.43 on Thursday. The stock’s 50-day moving average is $77.14 and its 200-day moving average is $71.75. The company has a market cap of $89.33 billion, a price-to-earnings ratio of 771.53 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Equities analysts anticipate that Shopify Inc. will post 0.58 earnings per share for the current 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.