Monetta Financial Services Inc. Acquires New Position in Shopify Inc. $SHOP

Monetta Financial Services Inc. bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the third quarter, HoldingsChannel reports. The fund bought 7,000 shares of the software maker’s stock, valued at approximately $1,040,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Twin Peaks Wealth Advisors LLC raised its holdings in shares of Shopify by 1.7% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after acquiring an additional 59 shares in the last quarter. Accurate Wealth Management LLC increased its position in Shopify by 2.0% in the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after purchasing an additional 67 shares during the last quarter. Moloney Securities Asset Management LLC raised its stake in shares of Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after purchasing an additional 70 shares in the last quarter. Rothschild Investment LLC lifted its holdings in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its stake in shares of Shopify by 0.9% in the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock valued at $1,228,000 after buying an additional 75 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $117.28 on Tuesday. The company has a 50-day simple moving average of $145.11 and a 200-day simple moving average of $150.42. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The firm has a market capitalization of $152.68 billion, a P/E ratio of 126.11, a P/E/G ratio of 4.60 and a beta of 2.83.

Analyst Ratings Changes

Several research analysts have recently commented on SHOP shares. Barclays set a $130.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, February 12th. DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Monday, February 16th. Bank of America boosted their price target on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $162.64.

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.