Sigma Planning Corp Grows Holdings in Shopify Inc. $SHOP

Sigma Planning Corp lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 77.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 30,811 shares of the software maker’s stock after purchasing an additional 13,461 shares during the period. Sigma Planning Corp’s holdings in Shopify were worth $4,579,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of SHOP. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify in the 3rd quarter valued at about $27,000. Rothschild Investment LLC increased its position in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify in the second quarter valued at approximately $27,000. Estabrook Capital Management acquired a new position in shares of Shopify during the 2nd quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of Shopify by 104.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock valued at $37,000 after buying an additional 128 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SHOP shares. Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Thursday, February 12th. Stifel Nicolaus set a $115.00 target price on shares of Shopify and gave the stock a “hold” rating in a research note on Wednesday, February 11th. Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the stock a “buy” rating in a research report on Thursday, February 12th. Jefferies Financial Group set a $125.00 price objective on Shopify and gave the stock a “hold” rating in a research note on Monday, February 16th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Trading Up 1.9%

SHOP stock opened at $126.20 on Monday. The firm has a 50-day moving average of $145.96 and a two-hundred day moving average of $150.66. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The company has a market cap of $164.29 billion, a price-to-earnings ratio of 135.70, a PEG ratio of 4.60 and a beta of 2.83.

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.