Rede Wealth LLC Takes Position in Shopify Inc. $SHOP

Rede Wealth LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, HoldingsChannel.com reports. The firm bought 5,262 shares of the software maker’s stock, valued at approximately $847,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify in the third quarter valued at approximately $27,000. Lodestone Wealth Management LLC purchased a new position in shares of Shopify in the fourth quarter valued at approximately $31,000. Sound Income Strategies LLC lifted its position in shares of Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares in the last quarter. JPL Wealth Management LLC purchased a new position in shares of Shopify in the third quarter valued at approximately $32,000. Finally, Caitlin John LLC purchased a new position in shares of Shopify in the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 3.8%

SHOP stock opened at $114.97 on Tuesday. The business has a fifty day moving average of $120.01 and a two-hundred day moving average of $144.62. The stock has a market cap of $149.93 billion, a price-to-earnings ratio of 123.62, a price-to-earnings-growth ratio of 3.93 and a beta of 2.82. Shopify Inc. has a 52-week low of $80.35 and a 52-week high of $182.19.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Jefferies Financial Group raised their target price on Shopify from $125.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, March 9th. Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price target for the company in a report on Monday, February 9th. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Citigroup reaffirmed a “buy” rating and issued a $172.00 price target (down from $195.00) on shares of Shopify in a report on Friday, February 13th. Finally, TD Cowen raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a report on Wednesday, February 11th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $162.70.

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.