Sigma Planning Corp Increases Stock Holdings in Shopify Inc. $SHOP

Sigma Planning Corp boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 77.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,811 shares of the software maker’s stock after buying an additional 13,461 shares during the period. Sigma Planning Corp’s holdings in Shopify were worth $4,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in SHOP. Financial Gravity Companies Inc. acquired a new position in shares of Shopify during the second quarter valued at about $27,000. Rothschild Investment LLC grew its position in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC acquired a new position in Shopify during the 3rd quarter valued at approximately $27,000. Estabrook Capital Management purchased a new position in shares of Shopify in the second quarter worth $29,000. Finally, Access Investment Management LLC acquired a new stake in shares of Shopify during the second quarter worth $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SHOP shares. Zacks Research downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Morgan Stanley reissued an “overweight” rating and issued a $192.00 price objective (up from $165.00) on shares of Shopify in a report on Wednesday, November 5th. Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective for the company in a research note on Thursday, February 12th. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Finally, Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Trading Up 1.9%

Shares of SHOP stock opened at $126.20 on Monday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The stock has a market cap of $164.29 billion, a P/E ratio of 135.70, a P/E/G ratio of 4.60 and a beta of 2.83. The stock has a 50 day moving average of $145.96 and a 200 day moving average of $150.66.

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.