Bogart Wealth LLC Buys 10,196 Shares of Shopify Inc. $SHOP

Bogart Wealth LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.8% during the first quarter, Holdings Channel.com reports. The firm owned 61,784 shares of the software maker’s stock after buying an additional 10,196 shares during the period. Bogart Wealth LLC’s holdings in Shopify were worth $7,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank bought a new stake in Shopify during the 4th quarter valued at $2,611,797,000. Invesco Ltd. boosted its position in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after buying an additional 1,252,074 shares during the period. Geode Capital Management LLC boosted its position in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after buying an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in Shopify by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ:SHOP opened at $119.46 on Monday. The company has a 50-day moving average price of $111.33 and a 200-day moving average price of $126.51. The stock has a market cap of $155.02 billion, a price-to-earnings ratio of 118.28, a P/E/G ratio of 3.28 and a beta of 2.58. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. National Bank Financial decreased their price objective on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Citizens Jmp reduced their price target on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. Wells Fargo & Company lowered their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Two investment 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 company. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Company 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.