BIP Wealth LLC Buys Shares of 4,223 Shopify Inc. $SHOP

BIP Wealth LLC purchased a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,223 shares of the software maker’s stock, valued at approximately $680,000.

Several other institutional investors have also recently made changes to their positions in SHOP. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify in the third quarter worth $27,000. Lodestone Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth $31,000. Sound Income Strategies LLC increased its holdings in shares of Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after purchasing an additional 89 shares during the period. JPL Wealth Management LLC bought a new position in shares of Shopify in the third quarter worth $32,000. Finally, Caitlin John LLC bought a new position in shares of Shopify in the third quarter worth $36,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Arete Research set a $175.00 price target on shares of Shopify in a report on Monday, February 2nd. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price target on the stock in a report on Thursday, February 12th. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 9th. Bank of America upped their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Finally, Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, February 12th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.70.

Shopify Stock Up 2.6%

SHOP opened at $120.10 on Thursday. The stock has a market cap of $156.62 billion, a PE ratio of 129.14, a P/E/G ratio of 4.24 and a beta of 2.82. Shopify Inc. has a 52 week low of $74.67 and a 52 week high of $182.19. The business’s fifty day simple moving average is $121.38 and its 200 day simple moving average is $145.43.

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.