Concurrent Investment Advisors LLC Buys 17,495 Shares of Shopify Inc. $SHOP

Key Points

• Concurrent Investment Advisors increased its stake in Shopify by 65.8%, buying 17,495 shares to hold 44,084 shares worth about $7.10 million at the end of the quarter.
• Analyst sentiment is a Moderate Buy with a consensus price target of $162.70, and several recent upgrades (e.g., Mizuho, DZ Bank) alongside price targets roughly between $126 and $165.
• Shopify shares opened at $125.83, trade in a 52-week range of $88.14–$182.19, have a market cap of $164.1 billion, a PE of 135.30 and a beta of 2.82, indicating a high valuation and elevated volatility.

Concurrent Investment Advisors LLC raised its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 65.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,084 shares of the software maker's stock after buying an additional 17,495 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Shopify were worth $7,096,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $29,000. Lodestone Wealth Management LLC acquired a new position in shares of Shopify during the fourth quarter worth $31,000. Sound Income Strategies LLC increased its position in shares of Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after purchasing an additional 89 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $32,000. Finally, Caitlin John LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $36,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $125.83 on Monday. Shopify Inc. has a 52-week low of $88.14 and a 52-week high of $182.19. The stock has a market cap of $164.10 billion, a PE ratio of 135.30, a price-to-earnings-growth ratio of 4.47 and a beta of 2.82. The business has a 50-day simple moving average of $122.15 and a 200-day simple moving average of $142.92.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. BMO Capital Markets set a $160.00 target price on Shopify in a research note on Thursday, February 12th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Mizuho upgraded Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 price target on the stock in a research note on Thursday, February 12th. DZ Bank upgraded shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Monday, February 16th. Finally, Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a "buy" rating in a research report on Thursday, February 12th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $162.70.

Shopify Company Profile

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.