Transcend Capital Advisors LLC Acquires 5,307 Shares of Shopify Inc. (NYSE:SHOP)

Transcend Capital Advisors LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 196.4% during the first quarter, HoldingsChannel reports. The firm owned 8,009 shares of the software maker’s stock after purchasing an additional 5,307 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Shopify were worth $765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Allianz SE bought a new stake in Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC raised its stake in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new stake in Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Shopify in the 4th quarter valued at about $46,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Truist Financial lowered their price objective on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. KeyCorp lowered their price objective on Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Mizuho lowered their price objective on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company boosted their price objective on Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Finally, Wedbush reaffirmed an “outperform” rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.66.

Shopify Price Performance

Shares of SHOP opened at $113.65 on Friday. The firm has a market cap of $147.45 billion, a P/E ratio of 73.32, a P/E/G ratio of 4.82 and a beta of 2.63. The stock has a 50 day simple moving average of $103.68 and a two-hundred day simple moving average of $104.72. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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.