Cetera Investment Advisers Raises Stake in Shopify Inc. $SHOP

Cetera Investment Advisers raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.5% in the 1st quarter, HoldingsChannel reports. The fund owned 372,259 shares of the software maker’s stock after buying an additional 44,336 shares during the quarter. Cetera Investment Advisers’ holdings in Shopify were worth $44,157,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. Citigroup reduced their price objective on Shopify from $156.00 to $150.00 and set a “buy” rating for the company in a research note on Friday. BMO Capital Markets assumed coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “market perform” rating for the company. Wells Fargo & Company decreased their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group reduced their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $157.69.

Shopify Price Performance

Shopify stock opened at $113.75 on Friday. The business has a 50 day simple moving average of $114.39 and a 200-day simple moving average of $122.13. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a market capitalization of $147.61 billion, a PE ratio of 112.62, a price-to-earnings-growth ratio of 2.45 and a beta of 2.58.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify (NASDAQ:SHOP) Cut to “Hold” at Rothschild & Co Redburn

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.