Commonwealth Equity Services LLC Has $44.17 Million Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Commonwealth Equity Services LLC increased its stake in Shopify Inc. by 23.3%, holding 462,602 shares worth approximately $44.17 million after acquiring an additional 87,333 shares in the first quarter.
• Shopify's stock has seen a significant rise, trading up 5.6% with a market capitalization of $162.45 billion, while current analyst ratings show a consensus of "Moderate Buy" with an average target price of $120.34.
• Approximately 69.27% of Shopify's stock is held by institutional investors and hedge funds, indicating strong institutional interest in the company's performance.

Commonwealth Equity Services LLC boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 23.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 462,602 shares of the software maker's stock after buying an additional 87,333 shares during the quarter. Commonwealth Equity Services LLC's holdings in Shopify were worth $44,169,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. KCM Investment Advisors LLC acquired a new position in shares of Shopify in the fourth quarter worth approximately $208,000. Cerity Partners LLC lifted its stake in shares of Shopify by 6.3% in the fourth quarter. Cerity Partners LLC now owns 91,447 shares of the software maker's stock worth $8,887,000 after acquiring an additional 5,454 shares during the period. Wellspring Financial Advisors LLC acquired a new position in shares of Shopify in the fourth quarter worth approximately $201,000. Finally, Certior Financial Group LLC acquired a new position in shares of Shopify in the fourth quarter worth approximately $200,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 5.6%

Shopify stock opened at $125.21 on Tuesday. The stock's fifty day simple moving average is $114.38 and its 200-day simple moving average is $106.75. The firm has a market capitalization of $162.45 billion, a P/E ratio of 80.78, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Truist Financial cut their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. UBS Group reaffirmed a "hold" rating on shares of Shopify in a research note on Friday, July 18th. JPMorgan Chase & Co. cut their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Finally, Stifel Nicolaus lifted their target price on Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $120.34.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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