Elevation Point Wealth Partners LLC Purchases 12,814 Shares of Shopify Inc. $SHOP

Elevation Point Wealth Partners LLC raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 156.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,018 shares of the software maker’s stock after purchasing an additional 12,814 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Shopify were worth $2,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC acquired a new position in Shopify in the fourth quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify in the fourth quarter valued at approximately $29,000. Lloyd Advisory Services LLC. acquired a new position in Shopify in the fourth quarter valued at approximately $31,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify in the fourth quarter valued at approximately $31,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Citigroup reissued a “market outperform” rating on shares of Shopify in a research note on Thursday, June 18th. BMO Capital Markets reduced their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $119.46 on Friday. The stock has a market cap of $155.02 billion, a P/E ratio of 118.28, a P/E/G ratio of 3.28 and a beta of 2.58. The firm has a 50 day moving average price of $111.33 and a 200 day moving average price of $126.74. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

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.