Financial Planning Hawaii Inc. Takes $792,000 Position in Shopify Inc. $SHOP

Financial Planning Hawaii Inc. bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,923 shares of the software maker’s stock, valued at approximately $792,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Heartwood Wealth Advisors LLC purchased a new stake in Shopify during the 3rd quarter valued at about $27,000. JPL Wealth Management LLC purchased a new position in shares of Shopify in the third quarter worth about $32,000. Caitlin John LLC acquired a new stake in shares of Shopify during the third quarter worth about $36,000. Cornerstone Planning Group LLC lifted its holdings in shares of Shopify by 104.9% during the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after purchasing an additional 128 shares during the period. Finally, Financial Consulate Inc. purchased a new stake in Shopify in the third quarter valued at approximately $38,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Bank of America increased their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a “buy” rating in a report on Thursday, February 12th. Citigroup reiterated a “buy” rating and issued a $172.00 price objective (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Robert W. Baird set a $160.00 target price on shares of Shopify in a report on Thursday, February 12th. Finally, Wedbush decreased their target price on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $163.38.

Shopify Stock Down 0.1%

Shares of Shopify stock opened at $111.77 on Tuesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The business has a 50-day moving average price of $124.22 and a 200 day moving average price of $146.90. The firm has a market cap of $145.76 billion, a PE ratio of 120.18, a P/E/G ratio of 3.96 and a beta of 2.83.

Shopify Profile

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.