Kingswood Wealth Advisors LLC Buys 1,658 Shares of Shopify Inc. (NYSE:SHOP)

Kingswood Wealth Advisors LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 28.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,488 shares of the software maker’s stock after acquiring an additional 1,658 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Shopify were worth $796,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. increased its holdings in Shopify by 6.8% in the 2nd quarter. Sunbelt Securities Inc. now owns 14,399 shares of the software maker’s stock valued at $951,000 after buying an additional 915 shares during the period. Regal Investment Advisors LLC increased its holdings in Shopify by 3.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 31,977 shares of the software maker’s stock valued at $2,112,000 after buying an additional 942 shares during the period. Kimelman & Baird LLC bought a new stake in Shopify in the 2nd quarter valued at $132,000. Truist Financial Corp increased its holdings in Shopify by 12.5% in the 2nd quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock valued at $36,364,000 after buying an additional 61,014 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE SHOP opened at $117.35 on Wednesday. The business has a 50 day simple moving average of $109.40 and a 200 day simple moving average of $87.52. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market cap of $151.63 billion, a price-to-earnings ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46.

Analyst Upgrades and Downgrades

SHOP has been the topic of several recent analyst reports. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Mizuho boosted their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $115.00 to $125.00 in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.