Tobam Raises Position in Shopify Inc. (NYSE:SHOP)

Tobam boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 392.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,782 shares of the software maker’s stock after purchasing an additional 11,778 shares during the period. Tobam’s holdings in Shopify were worth $1,572,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the 4th quarter worth $39,000. Mather Group LLC. lifted its holdings in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the last quarter. Brooklyn Investment Group bought a new position in Shopify during the third quarter worth about $33,000. Rosenberg Matthew Hamilton increased its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Finally, Synergy Asset Management LLC bought a new stake in shares of Shopify in the fourth quarter valued at approximately $55,000. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shopify stock opened at $118.61 on Friday. The stock has a market capitalization of $153.26 billion, a P/E ratio of 110.86, a P/E/G ratio of 2.46 and a beta of 2.47. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $122.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm’s 50-day moving average is $110.75 and its two-hundred day moving average is $89.95.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Oppenheimer lifted their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. Truist Financial raised their price objective on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Finally, Moffett Nathanson upped their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $100.32.

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.