Insigneo Advisory Services LLC Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

Insigneo Advisory Services LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,597 shares of the software maker’s stock after acquiring an additional 1,940 shares during the period. Insigneo Advisory Services LLC’s holdings in Shopify were worth $2,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Kercheville Advisors LLC raised its holdings in shares of Shopify by 4.5% during the 1st quarter. Kercheville Advisors LLC now owns 9,255 shares of the software maker’s stock worth $884,000 after acquiring an additional 400 shares in the last quarter. AA Financial Advisors LLC raised its holdings in shares of Shopify by 2.1% during the 1st quarter. AA Financial Advisors LLC now owns 6,270 shares of the software maker’s stock worth $599,000 after acquiring an additional 131 shares in the last quarter. WD Rutherford LLC purchased a new stake in shares of Shopify during the 1st quarter worth approximately $683,000. Grove Bank & Trust raised its holdings in shares of Shopify by 5.5% during the 1st quarter. Grove Bank & Trust now owns 33,245 shares of the software maker’s stock worth $3,174,000 after acquiring an additional 1,723 shares in the last quarter. Finally, Sagespring Wealth Partners LLC raised its holdings in shares of Shopify by 40.2% during the 1st quarter. Sagespring Wealth Partners LLC now owns 7,206 shares of the software maker’s stock worth $688,000 after acquiring an additional 2,066 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. Loop Capital decreased their price target on Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Cantor Fitzgerald restated a “neutral” rating and set a $91.00 price target on shares of Shopify in a report on Wednesday, June 11th. National Bankshares decreased their price target on Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. decreased their price target on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. Finally, Capital One Financial upgraded Shopify from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.66.

Shopify Price Performance

Shares of SHOP stock opened at $108.37 on Tuesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock’s 50-day moving average is $99.26 and its 200 day moving average is $104.94. The company has a market cap of $140.60 billion, a P/E ratio of 69.92, a PEG ratio of 4.82 and a beta of 2.63.

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.