D.A. Davidson & CO. Raises Holdings in Shopify Inc. $SHOP

Key Points

• D.A. Davidson raised its stake in Shopify by 9.0% in Q4, buying 14,498 shares to hold 175,889 shares worth about $28.31 million at quarter end, while other institutions also adjusted positions and institutional ownership stands at 69.27%.
• Analyst sentiment is broadly positive: MarketBeat shows an average rating of "Moderate Buy" with an average price target of $162.70, alongside recent upgrades from Wolfe Research and TD Securities and mixed target revisions from UBS, Jefferies and Wells Fargo.

D.A. Davidson & CO. raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 9.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 175,889 shares of the software maker's stock after purchasing an additional 14,498 shares during the period. D.A. Davidson & CO.'s holdings in Shopify were worth $28,313,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SHOP. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify during the 4th quarter valued at $29,000. Lodestone Wealth Management LLC purchased a new stake in Shopify during the 4th quarter valued at $31,000. Sound Income Strategies LLC boosted 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 valued at $31,000 after purchasing an additional 89 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Shopify during the 3rd quarter valued at $32,000. Finally, Caitlin John LLC purchased a new stake in Shopify during the 3rd quarter valued at $36,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on SHOP shares. Wolfe Research upgraded Shopify from a "hold" rating to an "outperform" rating in a research note on Tuesday, January 6th. UBS Group cut their target price on Shopify from $165.00 to $145.00 and set a "neutral" rating on the stock in a research note on Thursday, February 12th. TD Securities upgraded Shopify from a "hold" rating to a "buy" rating and set a $159.00 target price on the stock in a research note on Thursday, February 12th. Jefferies Financial Group increased their target price on Shopify from $125.00 to $150.00 and gave the company a "hold" rating in a research note on Monday, March 9th. Finally, Wells Fargo & Company cut their target price on Shopify from $191.00 to $166.00 and set an "overweight" rating on the stock in a research note on Monday, April 6th. Three equities 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $162.70.

Shopify Price Performance

SHOP stock opened at $125.83 on Monday. The company has a market cap of $164.10 billion, a P/E ratio of 135.30, a price-to-earnings-growth ratio of 4.47 and a beta of 2.82. Shopify Inc. has a 1 year low of $88.14 and a 1 year high of $182.19. The stock's fifty day moving average price is $122.15 and its 200-day moving average price is $142.92.

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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