Inspire Advisors LLC Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Key Points

• Inspire Advisors LLC has taken a new position in Shopify Inc., purchasing 7,055 shares valued at approximately $674,000 during the first quarter.
• Institutional investors and hedge funds collectively own 69.27% of Shopify's stock, with several notable increases in stakes, including Mather Group LLC increasing theirs by 127.4%.
• Analyst ratings show a mixed response, with one sell rating, eighteen hold ratings, and twenty-two buy ratings, leading to a consensus rating of "Moderate Buy" and a price target of $119.16.

Inspire Advisors LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,055 shares of the software maker's stock, valued at approximately $674,000.

Several other large investors also recently modified their holdings of SHOP. Allianz SE bought a new stake in Shopify during the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in Shopify in the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Shopify in the 4th quarter worth approximately $46,000. FWL Investment Management LLC bought a new stake in Shopify in the 4th quarter worth approximately $56,000. Finally, Clean Yield Group grew its position in shares of Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock valued at $56,000 after acquiring an additional 218 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of Shopify stock traded up $1.92 during trading on Thursday, hitting $124.93. 3,025,734 shares of the company's stock were exchanged, compared to its average volume of 10,327,359. The business has a 50-day simple moving average of $113.18 and a 200-day simple moving average of $106.30. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market capitalization of $162.08 billion, a price-to-earnings ratio of 80.60, a PEG ratio of 4.82 and a beta of 2.61.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Royal Bank Of Canada upped their target price on shares of Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Stifel Nicolaus upped their target price on shares of Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a research report on Tuesday, July 15th. Finally, The Goldman Sachs Group reduced their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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.