Elevation Point Wealth Partners LLC Has $2.49 Million Holdings in Shopify Inc. $SHOP

Elevation Point Wealth Partners LLC boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 156.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,018 shares of the software maker’s stock after acquiring an additional 12,814 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Shopify were worth $2,493,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. First Affirmative Financial Network increased its holdings in shares of Shopify by 3.4% in the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after acquiring an additional 75 shares in the last quarter. TBH Global Asset Management LLC lifted its holdings in shares of Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after purchasing an additional 75 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Shopify by 13.9% during the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock valued at $72,000 after purchasing an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC grew its position in shares of Shopify by 2.6% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock valued at $509,000 after purchasing an additional 80 shares during the period. Finally, Pacific Sage Partners LLC grew its position in shares of Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after purchasing an additional 80 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Barclays set a $126.00 price target on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Needham & Company LLC restated a “buy” rating and set a $180.00 price objective on shares of Shopify in a report on Tuesday, May 5th. Finally, Robert W. Baird set a $150.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

Shares of Shopify stock opened at $119.46 on Friday. The business’s 50 day simple moving average is $111.33 and its 200 day simple moving average is $126.74. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The firm has a market cap of $155.02 billion, a PE ratio of 118.28, a P/E/G ratio of 3.28 and a beta of 2.58.

Shopify 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.