D.A. Davidson & CO. Has $22.31 Million Holdings in Shopify Inc. $SHOP

D.A. Davidson & CO. raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.9% in the first quarter, Holdings Channel reports. The firm 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 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Midwest Professional Planners LTD. grew its stake in shares of Shopify by 3.3% in the 1st quarter. Midwest Professional Planners LTD. now owns 14,588 shares of the software maker’s stock valued at $1,730,000 after buying an additional 461 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Shopify by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock worth $414,691,000 after buying an additional 159,873 shares during the last quarter. Three Seasons Wealth LLC raised its position in Shopify by 68.3% during the first quarter. Three Seasons Wealth LLC now owns 18,489 shares of the software maker’s stock valued at $2,193,000 after acquiring an additional 7,502 shares in the last quarter. NFSG Corp raised its position in Shopify by 4.9% during the first quarter. NFSG Corp now owns 9,953 shares of the software maker’s stock valued at $1,181,000 after acquiring an additional 467 shares in the last quarter. Finally, Maryland State Retirement & Pension System lifted its stake in Shopify by 1.2% in the first quarter. Maryland State Retirement & Pension System now owns 180,494 shares of the software maker’s stock valued at $21,421,000 after acquiring an additional 2,140 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on SHOP shares. Barclays set a $126.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Citizens Jmp reduced their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. UBS Group reiterated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Finally, BMO Capital Markets started coverage on shares of Shopify in a research report on Friday, July 10th. They set a “market perform” rating on the stock. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $157.58.

Shopify Stock Up 1.2%

Shares of SHOP stock opened at $125.06 on Friday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The company has a market cap of $162.29 billion, a PE ratio of 123.82, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58. The business’s 50 day moving average is $112.19 and its two-hundred day moving average is $123.66.

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.