11,320 Shares in Shopify Inc. $SHOP Purchased by Clare Market Investments LLC

Clare Market Investments LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,320 shares of the software maker’s stock, valued at approximately $1,343,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC grew its position in Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares during the period. Osterweis Capital Management Inc. acquired a new stake in Shopify during the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC raised its stake in shares of Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after buying an additional 1,479 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 2.3%

NASDAQ:SHOP opened at $122.90 on Tuesday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock’s 50-day moving average price is $111.33 and its 200-day moving average price is $126.51. The stock has a market capitalization of $159.48 billion, a PE ratio of 121.68, a price-to-earnings-growth ratio of 3.28 and a beta of 2.58.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SHOP shares. Wells Fargo & Company decreased their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. BMO Capital Markets reduced their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Barclays set a $126.00 price target on Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $156.06.

Shopify Company 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.