HB Wealth Management LLC Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• HB Wealth Management LLC increased its stake in Shopify by 27.5%, now holding 15,076 shares valued at approximately $1.44 million.
• Shopify's stock recently traded at $123.01, down 1.5%, with a market cap of $159.59 billion.
• Analysts have varied ratings for Shopify, with an overall average rating of "Moderate Buy" and an average price target of $120.34.

HB Wealth Management LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 27.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,076 shares of the software maker's stock after buying an additional 3,249 shares during the quarter. HB Wealth Management LLC's holdings in Shopify were worth $1,439,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. LRI Investments LLC raised its holdings in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares during the period. Fullcircle Wealth LLC grew its stake in shares of Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC raised its holdings in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares during the last quarter. Pinnacle Financial Partners Inc grew its position in Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC lifted its position in Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after buying an additional 131 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. CIBC increased their price objective on Shopify from $125.00 to $145.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Wedbush reaffirmed an "outperform" rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Stifel Nicolaus boosted their price objective on Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. One equities research 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $120.34.

Shopify Trading Down 0.7%

SHOP stock traded down $0.80 during trading on Thursday, reaching $122.21. The stock had a trading volume of 8,481,536 shares, compared to its average volume of 10,365,797. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a market cap of $158.55 billion, a PE ratio of 78.85, a PEG ratio of 4.82 and a beta of 2.61. The stock's 50 day moving average is $113.18 and its two-hundred day moving average is $106.30.

Shopify Profile

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.