Shopify Inc. $SHOP Shares Purchased by Hobart Private Capital LLC

Hobart Private Capital LLC boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 109.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,384 shares of the software maker’s stock after acquiring an additional 5,957 shares during the period. Hobart Private Capital LLC’s holdings in Shopify were worth $1,300,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SHOP. Kingdom Financial Group LLC. acquired a new position in shares of Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. increased its holdings in shares of Shopify by 203.9% in the first 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. Graney & King LLC acquired a new stake in shares of Shopify in the first quarter valued at approximately $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new position in Shopify during the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 0.1%

NASDAQ:SHOP opened at $117.01 on Tuesday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The company has a market capitalization of $151.84 billion, a P/E ratio of 115.85, a P/E/G ratio of 2.53 and a beta of 2.58. The stock’s fifty day moving average is $116.86 and its two-hundred day moving average is $119.98.

Analyst Ratings Changes

A number of research firms have weighed in on SHOP. Royal Bank Of Canada reissued an “outperform” rating on shares of Shopify in a research note on Monday, July 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. BTIG Research began coverage on Shopify in a report on Friday, July 10th. They set a “buy” rating on the stock. Canaccord Genuity Group lowered their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.69.

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.