Shopify Inc. $SHOP Stock Position Raised by Baltimore Washington Financial Advisors Inc.

Baltimore Washington Financial Advisors Inc. lifted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 110,104 shares of the software maker’s stock after purchasing an additional 6,420 shares during the quarter. Baltimore Washington Financial Advisors Inc.’s holdings in Shopify were worth $16,363,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Legacy Capital Group California Inc. increased its stake in shares of Shopify by 34.8% in the third quarter. Legacy Capital Group California Inc. now owns 17,174 shares of the software maker’s stock valued at $2,552,000 after purchasing an additional 4,433 shares during the period. Neuberger Berman Group LLC increased its position in shares of Shopify by 128.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 750,154 shares of the software maker’s stock valued at $111,478,000 after purchasing an additional 421,799 shares during the period. Left Brain Wealth Management LLC raised its position in Shopify by 19.5% in the third quarter. Left Brain Wealth Management LLC now owns 10,331 shares of the software maker’s stock worth $1,535,000 after acquiring an additional 1,688 shares in the last quarter. Sunpointe LLC bought a new stake in shares of Shopify in the 3rd quarter worth approximately $223,000. Finally, Aptus Capital Advisors LLC increased its holdings in shares of Shopify by 9.9% in the third quarter. Aptus Capital Advisors LLC now owns 12,328 shares of the software maker’s stock valued at $1,832,000 after buying an additional 1,115 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SHOP. Citizens Jmp cut their price objective on Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a report on Thursday, February 12th. BMO Capital Markets set a $160.00 price objective on Shopify in a report on Thursday, February 12th. Moffett Nathanson upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Monday, February 9th. Benchmark reduced their price target on Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, Jefferies Financial Group set a $125.00 price objective on shares of Shopify and gave the stock a “hold” rating in a research note on Monday, February 16th. Two equities 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Price Performance

Shares of SHOP opened at $130.20 on Friday. The company has a market capitalization of $169.50 billion, a P/E ratio of 140.00, a PEG ratio of 4.91 and a beta of 2.83. The business’s 50 day simple moving average is $137.30 and its 200-day simple moving average is $148.99. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

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.