Alliance Wealth Advisors LLC UT Has $5.17 Million Stock Position in Shopify Inc. $SHOP

Alliance Wealth Advisors LLC UT decreased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,754 shares of the software maker’s stock after selling 10,287 shares during the period. Shopify makes up about 1.2% of Alliance Wealth Advisors LLC UT’s holdings, making the stock its 10th biggest holding. Alliance Wealth Advisors LLC UT’s holdings in Shopify were worth $5,165,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Premier Fund Managers Ltd boosted its position in Shopify by 57.9% during the third quarter. Premier Fund Managers Ltd now owns 63,146 shares of the software maker’s stock valued at $9,413,000 after buying an additional 23,146 shares during the period. Lansforsakringar Fondforvaltning AB publ lifted its stake in shares of Shopify by 5.6% in the 3rd quarter. Lansforsakringar Fondforvaltning AB publ now owns 275,709 shares of the software maker’s stock valued at $40,970,000 after acquiring an additional 14,686 shares during the last quarter. Trivest Advisors Ltd purchased a new stake in Shopify during the 3rd quarter valued at about $3,121,000. Dearborn Partners LLC bought a new position in Shopify during the 3rd quarter worth approximately $237,000. Finally, Advyzon Investment Management LLC increased its stake in Shopify by 87.5% in the 3rd quarter. Advyzon Investment Management LLC now owns 3,936 shares of the software maker’s stock worth $585,000 after purchasing an additional 1,837 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $126.20 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The firm has a 50-day moving average of $145.96 and a 200 day moving average of $150.69. The company has a market cap of $164.29 billion, a P/E ratio of 135.70, a PEG ratio of 4.60 and a beta of 2.83.

Analyst Ratings Changes

A number of analysts have recently weighed in on SHOP shares. BMO Capital Markets set a $160.00 price objective on Shopify in a research note on Thursday, February 12th. Wedbush dropped their price target on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Evercore set a $135.00 price target on shares of Shopify in a report on Wednesday, February 11th. Wells Fargo & Company set a $191.00 price objective on shares of Shopify and gave the company an “overweight” rating in a research note on Thursday, February 12th. Finally, Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $162.64.

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.