Inspire Advisors LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

by · The Cerbat Gem

Inspire Advisors LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the first quarter, HoldingsChannel reports. The fund purchased 7,055 shares of the software maker’s stock, valued at approximately $674,000.

A number of other large investors have also recently bought and sold shares of the company. Allianz SE acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Shopify during the 4th quarter valued at $46,000. FWL Investment Management LLC acquired a new stake in Shopify during the 4th quarter valued at $56,000. Finally, Clean Yield Group lifted its holdings in Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker’s stock valued at $56,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SHOP shares. BNP Paribas Exane downgraded Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target for the company. in a report on Monday, May 5th. UBS Group reaffirmed a “hold” rating on shares of Shopify in a report on Friday, July 18th. Royal Bank Of Canada increased their price objective on Shopify from $125.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, July 18th. Stifel Nicolaus increased their price objective on Shopify from $100.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, July 15th. Finally, DA Davidson raised their price target on Shopify from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.16.

View Our Latest Stock Analysis on Shopify

Shopify Stock Performance

Shares of SHOP stock opened at $124.43 on Monday. The company has a market cap of $161.43 billion, a P/E ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61. The stock has a 50 day simple moving average of $112.05 and a two-hundred day simple moving average of $105.89. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

About Shopify

(Free Report)

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.

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