Shopify Inc. $SHOP is Alliance Wealth Advisors LLC UT’s 10th Largest Position

Alliance Wealth Advisors LLC UT lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,754 shares of the software maker’s stock after selling 10,287 shares during the period. Shopify accounts for approximately 1.2% of Alliance Wealth Advisors LLC UT’s holdings, making the stock its 10th biggest position. Alliance Wealth Advisors LLC UT’s holdings in Shopify were worth $5,165,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Heartwood Wealth Advisors LLC purchased a new stake in Shopify in the third quarter worth about $27,000. Rothschild Investment LLC lifted its holdings in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Financial Gravity Companies Inc. bought a new stake in shares of Shopify in the 2nd quarter worth approximately $27,000. Estabrook Capital Management purchased a new stake in shares of Shopify in the 2nd quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC increased its position in Shopify by 104.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock valued at $37,000 after buying an additional 128 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 1.9%

NASDAQ:SHOP opened at $126.20 on Friday. The company has a market cap of $164.29 billion, a PE ratio of 135.70, a price-to-earnings-growth ratio of 4.60 and a beta of 2.83. The company has a 50 day simple moving average of $145.96 and a two-hundred day simple moving average of $150.69. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $175.00 target price on shares of Shopify in a report on Thursday, February 12th. Truist Financial set a $150.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Citigroup restated a “buy” rating and set a $172.00 price objective (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Wednesday, February 11th. Finally, Citizens Jmp decreased their price objective on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Shopify presently has an average 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.