Shopify Inc. $SHOP Shares Bought by D.A. Davidson & CO.

Key Points

• D.A. Davidson & Co. increased its Shopify stake by 6.9% in the first quarter, buying 12,183 more shares and lifting its position to 188,072 shares worth about $22.3 million.
• Several other large institutional investors also added to or initiated positions in Shopify, and roughly 69.27% of the stock is owned by institutions and hedge funds.
• Analyst sentiment remains generally positive, with Shopify carrying a Moderate Buy consensus rating and a consensus price target of $157.58, though some firms recently trimmed targets or downgraded ratings.

D.A. Davidson & CO. boosted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 6.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 188,072 shares of the software maker's stock after buying an additional 12,183 shares during the period. D.A. Davidson & CO.'s holdings in Shopify were worth $22,309,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Shopify during the fourth quarter worth approximately $2,611,797,000. Sands Capital Management LLC increased its position in shares of Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after purchasing an additional 2,568,765 shares during the period. Invesco Ltd. increased its position in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock worth $184,883,000 after buying an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. lifted its holdings in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after buying an additional 1,079,494 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

SHOP stock opened at $125.06 on Friday. The firm has a 50 day simple moving average of $112.19 and a 200 day simple moving average of $123.66. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock has a market cap of $162.29 billion, a P/E ratio of 123.82, a P/E/G ratio of 2.68 and a beta of 2.58.

Analyst Ratings Changes

A number of brokerages have weighed in on SHOP. Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an "overweight" rating for the company in a report on Wednesday, May 6th. Weiss Ratings cut Shopify from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, May 6th. BMO Capital Markets initiated coverage on Shopify in a research note on Friday, July 10th. They issued a "market perform" rating on the stock. Piper Sandler restated an "overweight" rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, Citigroup cut shares of Shopify from a "market outperform" rating to a "neutral" rating in a research report on Friday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $157.58.

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.

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