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

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

A number of other institutional investors have also recently modified their holdings of SHOP. Kingdom Financial Group LLC. purchased a new position in Shopify during the fourth 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 position 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 buying an additional 155 shares in the last quarter. Graney & King LLC acquired a new position in shares of Shopify during the 1st quarter worth approximately $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $29,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $117.01 on Tuesday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The stock has a market capitalization of $151.84 billion, a price-to-earnings ratio of 115.85, a PEG ratio of 2.53 and a beta of 2.58. The stock has a 50 day moving average price of $116.86 and a 200 day moving average price of $119.98.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SHOP. BTIG Research initiated coverage on shares of Shopify in a research note on Friday, July 10th. They issued a “buy” rating on the stock. Canaccord Genuity Group reduced their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Jefferies Financial Group raised shares of Shopify from a “hold” rating to a “buy” rating and increased their price objective for the company from $140.00 to $160.00 in a report on Sunday, July 12th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Barclays set a $126.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average target price of $157.69.

About Shopify

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.