8,457 Shares in Shopify Inc. $SHOP Acquired by Solidarity Wealth LLC

Key Points

• Solidarity Wealth LLC purchased a new position of 8,457 shares of Shopify in Q4, valued at about $1.36 million, and institutional investors now own roughly 69.27% of the company.
• Analysts have a consensus rating of Moderate Buy with a consensus target price of $162.70 (3 Strong Buy, 31 Buy, 10 Hold), though several firms have recently revised their price targets up or down.
• SHOP opened at $125.83 with a market cap of $164.1 billion, a P/E of 135.3, a 52-week range of $88.14–$182.19, and 50-/200-day moving averages of $122.15 and $143.22 respectively.

Solidarity Wealth LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,457 shares of the software maker's stock, valued at approximately $1,361,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Shopify during the 4th quarter worth approximately $29,000. Lodestone Wealth Management LLC purchased a new position in Shopify during the 4th quarter worth approximately $31,000. Sound Income Strategies LLC grew its stake in Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after buying an additional 89 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Shopify during the 3rd quarter worth approximately $32,000. Finally, Caitlin John LLC purchased a new position in Shopify during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. KeyCorp reissued an "overweight" rating and set a $160.00 price objective on shares of Shopify in a research report on Wednesday, February 11th. Wells Fargo & Company lowered their price objective on shares of Shopify from $191.00 to $166.00 and set an "overweight" rating on the stock in a research report on Monday, April 6th. Cantor Fitzgerald reissued a "neutral" rating and set a $126.00 price objective (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Arete Research set a $175.00 price objective on shares of Shopify in a research report on Monday, February 2nd. Finally, Jefferies Financial Group raised their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a "hold" rating in a research report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $162.70.

Shopify Trading Up 1.3%

SHOP stock opened at $125.83 on Friday. The company has a market cap of $164.10 billion, a P/E ratio of 135.30, a P/E/G ratio of 4.42 and a beta of 2.82. Shopify Inc. has a 52 week low of $88.14 and a 52 week high of $182.19. The company's 50-day moving average price is $122.15 and its 200 day moving average price is $143.22.

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.

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