AlphaCore Capital LLC Has $1.14 Million Holdings in Shopify Inc. $SHOP

AlphaCore Capital LLC increased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 247.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,641 shares of the software maker’s stock after buying an additional 5,441 shares during the period. AlphaCore Capital LLC’s holdings in Shopify were worth $1,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. K.J. Harrison & Partners Inc increased its stake in shares of Shopify by 13.6% during the 3rd quarter. K.J. Harrison & Partners Inc now owns 50,227 shares of the software maker’s stock worth $7,599,000 after purchasing an additional 6,000 shares during the last quarter. Intech Investment Management LLC lifted its stake in Shopify by 7.9% in the 3rd quarter. Intech Investment Management LLC now owns 192,362 shares of the software maker’s stock valued at $28,585,000 after purchasing an additional 14,098 shares during the last quarter. Hurley Capital LLC grew its holdings in Shopify by 218.2% during the third quarter. Hurley Capital LLC now owns 350 shares of the software maker’s stock worth $52,000 after purchasing an additional 240 shares during the period. Empirical Asset Management LLC increased its position in Shopify by 6.8% during the third quarter. Empirical Asset Management LLC now owns 3,903 shares of the software maker’s stock worth $580,000 after buying an additional 250 shares during the last quarter. Finally, Cary Street Partners Financial LLC increased its position in Shopify by 3.2% during the third quarter. Cary Street Partners Financial LLC now owns 45,846 shares of the software maker’s stock worth $6,813,000 after buying an additional 1,401 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SHOP shares. Scotiabank raised Shopify from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $165.00 to $200.00 in a research report on Thursday, January 8th. JPMorgan Chase & Co. raised their price target on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. TD Securities raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research report on Thursday, February 12th. Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, Wolfe Research upgraded shares of Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Shopify Trading Up 4.7%

Shares of SHOP stock opened at $125.93 on Friday. The stock has a market cap of $163.94 billion, a P/E ratio of 135.41, a price-to-earnings-growth ratio of 4.38 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The stock has a 50 day simple moving average of $142.53 and a 200 day simple moving average of $149.82.

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.