Opal Wealth Advisors LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Opal Wealth Advisors LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,010 shares of the software maker’s stock, valued at approximately $96,000.

A number of other hedge funds have also recently bought and sold shares of the company. Kessler Investment Group LLC bought a new stake in shares of Shopify during the 4th quarter worth $6,105,000. Pittenger & Anderson Inc. raised its stake in Shopify by 35.9% in the 4th quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker’s stock valued at $5,524,000 after acquiring an additional 13,736 shares during the period. Chevy Chase Trust Holdings LLC bought a new stake in Shopify in the 4th quarter valued at about $213,000. Highview Capital Management LLC DE bought a new stake in Shopify in the 4th quarter valued at about $1,122,000. Finally, Valeo Financial Advisors LLC raised its stake in Shopify by 16.1% in the 4th quarter. Valeo Financial Advisors LLC now owns 20,077 shares of the software maker’s stock valued at $2,135,000 after acquiring an additional 2,788 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP opened at $105.34 on Friday. The company has a market cap of $136.40 billion, a P/E ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business’s 50-day simple moving average is $98.64 and its 200-day simple moving average is $105.04.

Analyst Ratings Changes

SHOP has been the topic of a number of research reports. JPMorgan Chase & Co. lowered their price objective on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. BNP Paribas cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 5th. Loop Capital decreased their price target on Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Mizuho decreased their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, BNP Paribas Exane cut Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $115.39.

Shopify 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.