12,659 Shares in Shopify Inc. $SHOP Acquired by Independent Financial Group LLC

Independent Financial Group LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 12,659 shares of the software maker’s stock, valued at approximately $1,502,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. bought a new stake in shares of Shopify in the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new position in shares of Shopify in the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify during the fourth quarter worth about $29,000. Lloyd Advisory Services LLC. bought a new position in Shopify during the fourth quarter worth about $31,000. Finally, Lodestone Wealth Management LLC acquired a new stake in Shopify in the 4th quarter worth about $31,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP opened at $123.56 on Monday. The firm has a 50 day simple moving average of $112.47 and a two-hundred day simple moving average of $123.35. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a market cap of $160.34 billion, a P/E ratio of 122.34, a P/E/G ratio of 2.68 and a beta of 2.58.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. BMO Capital Markets assumed coverage on shares of Shopify in a report on Friday, July 10th. They set a “market perform” rating on the stock. National Bank Financial dropped their price target on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Citigroup cut Shopify from a “market outperform” rating to a “neutral” rating in a research note on Friday, July 10th. Finally, Zacks Research raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $157.58.

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.