Simplicity Wealth LLC Has $2.60 Million Holdings in Shopify Inc. (NYSE:SHOP)

Simplicity Wealth LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 230.8% in the 1st quarter, Holdings Channel reports. The firm owned 27,264 shares of the software maker’s stock after buying an additional 19,023 shares during the quarter. Simplicity Wealth LLC’s holdings in Shopify were worth $2,603,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SHOP. Kessler Investment Group LLC acquired a new position in Shopify during the 4th quarter worth $6,105,000. First National Corp MA ADV acquired a new position in Shopify during the 4th quarter worth $237,000. Empowered Funds LLC lifted its position in Shopify by 39.7% during the 4th quarter. Empowered Funds LLC now owns 31,355 shares of the software maker’s stock worth $3,334,000 after acquiring an additional 8,909 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Shopify by 150.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker’s stock worth $51,121,000 after acquiring an additional 285,737 shares during the last quarter. Finally, Pittenger & Anderson Inc. lifted its position in Shopify by 35.9% during the 4th quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker’s stock worth $5,524,000 after acquiring an additional 13,736 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Capital One Financial raised shares of Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. UBS Group dropped their price objective on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. TD Securities boosted their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Oppenheimer dropped their price objective on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Royal Bank of Canada dropped their price objective on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.11.

Shopify Stock Down 3.2%

Shares of SHOP stock opened at $107.80 on Tuesday. The firm has a fifty day moving average of $96.16 and a 200-day moving average of $105.05. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market capitalization of $139.58 billion, a price-to-earnings ratio of 69.55, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.