Wealthfront Advisers LLC Buys 4,638 Shares of Shopify Inc. $SHOP

Wealthfront Advisers LLC raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,397 shares of the software maker’s stock after acquiring an additional 4,638 shares during the period. Wealthfront Advisers LLC’s holdings in Shopify were worth $3,606,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Kingdom Financial Group LLC. purchased a new position in shares of Shopify in the 4th quarter worth about $26,000. Curio Wealth LLC bought a new position in Shopify in the 4th quarter worth about $27,000. Evolution Wealth Management Inc. grew its position in Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after purchasing an additional 155 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify during the 4th quarter valued at about $29,000. Finally, Lodestone Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at about $31,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on SHOP. National Bank Financial decreased their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Stifel Nicolaus set a $150.00 price target on shares of Shopify and gave the company a “buy” rating in a report on Thursday, July 9th. BMO Capital Markets started coverage on shares of Shopify in a research report on Friday, July 10th. They set a “market perform” rating for the company. Susquehanna began coverage on shares of Shopify in a research report on Friday, July 10th. They set a “neutral” rating for the company. Finally, Oppenheimer restated an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $157.58.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $123.56 on Monday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The business has a 50-day simple moving average of $112.47 and a two-hundred day simple moving average of $123.35. The firm has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58.

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.