Abundance Wealth Counselors Makes New Investment in Shopify Inc. (NYSE:SHOP)

Abundance Wealth Counselors bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,000 shares of the software maker’s stock, valued at approximately $213,000.

A number of other large investors also recently added to or reduced their stakes in the business. Brooklyn Investment Group bought a new position in shares of Shopify in the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton grew its holdings in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify in the fourth quarter valued at about $39,000. Truvestments Capital LLC purchased a new stake in shares of Shopify during the third quarter worth about $45,000. Finally, GAMMA Investing LLC grew its position in shares of Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. KeyCorp raised their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Finally, Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Stock Performance

Shares of NYSE SHOP opened at $116.70 on Friday. The company has a market cap of $150.79 billion, a P/E ratio of 109.07, a P/E/G ratio of 2.45 and a beta of 2.46. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $122.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm’s fifty day moving average is $110.36 and its two-hundred day moving average is $88.67.

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.