Kercheville Advisors LLC Buys 400 Shares of Shopify Inc. (NYSE:SHOP)

Kercheville Advisors LLC boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 9,255 shares of the software maker’s stock after buying an additional 400 shares during the period. Kercheville Advisors LLC’s holdings in Shopify were worth $884,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. 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 bought a new stake in Shopify in the first quarter worth $683,000. Grove Bank & Trust increased its position in Shopify by 5.5% in the first quarter. Grove Bank & Trust now owns 33,245 shares of the software maker’s stock worth $3,174,000 after purchasing an additional 1,723 shares during the last quarter. Sagespring Wealth Partners LLC raised its stake in Shopify by 40.2% during the first quarter. Sagespring Wealth Partners LLC now owns 7,206 shares of the software maker’s stock valued at $688,000 after purchasing an additional 2,066 shares in the last quarter. Finally, M.E. Allison & CO. Inc. lifted its position in Shopify by 12.5% during the first quarter. M.E. Allison & CO. Inc. now owns 4,500 shares of the software maker’s stock valued at $430,000 after purchasing an additional 500 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research reports. KeyCorp reduced their target price on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Truist Financial dropped their price target on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a research report on Tuesday, May 6th. Loop Capital decreased their price objective on Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Atb Cap Markets raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Finally, Wells Fargo & Company boosted their target price on Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.66.

Shopify Stock Performance

NYSE:SHOP opened at $108.37 on Tuesday. The company’s 50-day simple moving average is $99.26 and its 200-day simple moving average is $104.94. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market capitalization of $140.60 billion, a P/E ratio of 69.92, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify Company 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.