Cyndeo Wealth Partners LLC Buys Shares of 7,630 Shopify Inc. $SHOP

Cyndeo Wealth Partners LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,630 shares of the software maker’s stock, valued at approximately $1,134,000.

Other large investors have also modified their holdings of the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the 2nd quarter valued at about $25,000. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify in the second quarter valued at approximately $27,000. Rothschild Investment LLC raised its holdings in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $27,000. Finally, Tradewinds Capital Management LLC boosted its position in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. BNP Paribas Exane assumed coverage on Shopify in a research report on Monday, November 24th. They issued a “neutral” rating on the stock. Oppenheimer reissued an “outperform” rating on shares of Shopify in a research note on Monday, December 1st. Cantor Fitzgerald restated a “neutral” rating and set a $181.00 price objective (up from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $192.00 price objective (up previously from $165.00) on shares of Shopify in a report on Wednesday, November 5th. Finally, KeyCorp raised their target price on shares of Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $168.69.

Shopify Price Performance

Shares of SHOP opened at $169.57 on Monday. The firm’s 50 day moving average is $159.88 and its 200-day moving average is $142.09. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market capitalization of $220.75 billion, a P/E ratio of 125.61, a P/E/G ratio of 6.30 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.