Sigma Planning Corp Trims Position in Shopify Inc. $SHOP

Sigma Planning Corp lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,040 shares of the software maker’s stock after selling 6,613 shares during the quarter. Sigma Planning Corp’s holdings in Shopify were worth $2,377,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. First Affirmative Financial Network grew its stake in Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after acquiring an additional 75 shares in the last quarter. TBH Global Asset Management LLC lifted its stake in Shopify by 1.2% in the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after purchasing an additional 75 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after purchasing an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in Shopify by 2.6% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock valued at $509,000 after purchasing an additional 80 shares during the period. Finally, Pacific Sage Partners LLC boosted its holdings in Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after purchasing an additional 80 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Citizens Jmp decreased their price target on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 price objective on Shopify in a research note on Wednesday, May 6th. Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, Jefferies Financial Group upgraded Shopify from a “hold” rating to a “buy” rating and lifted their price target for the company from $140.00 to $160.00 in a research report on Sunday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $157.58.

Shopify Stock Performance

NASDAQ SHOP opened at $125.06 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The company has a fifty day moving average of $112.19 and a 200-day moving average of $123.66. The company has a market capitalization of $162.29 billion, a P/E ratio of 123.82, a P/E/G ratio of 2.68 and a beta of 2.58.

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.