Tidal Investments LLC Grows Stake in Shopify Inc. (NYSE:SHOP)

Tidal Investments LLC grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,259.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,068 shares of the software maker’s stock after purchasing an additional 49,164 shares during the period. Tidal Investments LLC’s holdings in Shopify were worth $5,643,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Allianz SE purchased a new position in shares of Shopify during the 4th quarter valued at $27,000. PFG Private Wealth Management LLC grew its position in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify during the 4th quarter worth $39,000. Finally, Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research analyst reports. Scotiabank dropped their price objective on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. BNP Paribas downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Monday, May 5th. Citigroup lifted their price objective on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Canaccord Genuity Group lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Barclays dropped their price objective on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.37.

Shopify Stock Down 2.4%

Shopify stock opened at $106.43 on Wednesday. The company’s 50-day moving average price is $94.87 and its 200-day moving average price is $104.30. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market cap of $137.81 billion, a PE ratio of 68.66, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Shopify 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.