TriaGen Wealth Management LLC Acquires Shares of 17,239 Shopify Inc. $SHOP

TriaGen Wealth Management LLC bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the third quarter, HoldingsChannel.com reports. The fund bought 17,239 shares of the software maker’s stock, valued at approximately $2,562,000.

Other hedge funds also recently bought and sold shares of the company. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the 3rd quarter valued at about $27,000. Family Legacy Financial Solutions LLC bought a new stake in shares of Shopify during the second quarter valued at approximately $25,000. Rothschild Investment LLC increased its position 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 acquiring an additional 75 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in Shopify in the 2nd quarter worth approximately $27,000. Finally, Tradewinds Capital Management LLC lifted its position in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 2.3%

SHOP opened at $157.20 on Monday. The firm’s 50 day simple moving average is $160.94 and its two-hundred day simple moving average is $146.14. The company has a market capitalization of $204.65 billion, a PE ratio of 116.44, a PEG ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. National Bankshares boosted their price target on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Stifel Nicolaus set a $175.00 target price on Shopify in a research report on Tuesday, November 4th. Bank of America raised their price target on shares of Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. TD Securities raised shares of Shopify to a “hold” rating in a report on Thursday, December 4th. Finally, DA Davidson lifted their target price on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $168.69.

Shopify Company 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.