CWA Asset Management Group LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

CWA Asset Management Group LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,134 shares of the software maker’s stock, valued at approximately $331,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its holdings in shares of Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after buying an additional 1,694 shares during the period. Bleakley Financial Group LLC raised its holdings in shares of Shopify by 51.4% in the 1st quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after buying an additional 5,537 shares during the period. TBH Global Asset Management LLC raised its holdings in shares of Shopify by 43.0% in the 1st quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after buying an additional 1,700 shares during the period. Kingsview Wealth Management LLC raised its holdings in shares of Shopify by 1.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after buying an additional 365 shares during the period. Finally, Midwest Professional Planners LTD. raised its holdings in shares of Shopify by 31.7% in the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after buying an additional 1,166 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SHOP. Robert W. Baird boosted their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Scotiabank upped their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Citigroup upped their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Evercore upped their price objective on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Morgan Stanley upped their price objective on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.19.

Shopify Stock Performance

NYSE SHOP opened at $108.24 on Wednesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $114.51. The business has a 50 day moving average price of $78.73 and a 200 day moving average price of $69.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market capitalization of $139.67 billion, a P/E ratio of 110.45, a PEG ratio of 2.91 and a beta of 2.36.

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.