Wealthfront Advisers LLC Purchases 4,638 Shares of Shopify Inc. $SHOP

Wealthfront Advisers LLC lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,397 shares of the software maker’s stock after purchasing an additional 4,638 shares during the period. Wealthfront Advisers LLC’s holdings in Shopify were worth $3,606,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Norges Bank purchased a new position in Shopify during the 4th quarter valued at about $2,611,797,000. Sands Capital Management LLC lifted its holdings in Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after buying an additional 2,568,765 shares during the period. Invesco Ltd. lifted its holdings in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after buying an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. grew its position in shares of Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after buying an additional 1,079,494 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

NASDAQ:SHOP opened at $123.56 on Monday. The firm has a market capitalization of $160.34 billion, a P/E ratio of 122.34, a PEG ratio of 2.68 and a beta of 2.58. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company’s 50-day simple moving average is $112.47 and its 200 day simple moving average is $123.35.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SHOP shares. UBS Group restated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Robert W. Baird set a $150.00 price target on shares of Shopify in a report on Wednesday, May 6th. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Stifel Nicolaus set a $150.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

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.