Assetmark Inc. Purchases 5,521 Shares of Shopify Inc. $SHOP

Assetmark Inc. raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 219,104 shares of the software maker’s stock after purchasing an additional 5,521 shares during the period. Assetmark Inc.’s holdings in Shopify were worth $25,990,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Kingdom Financial Group LLC. bought a new stake in shares of Shopify during the 4th quarter valued at $26,000. Curio Wealth LLC purchased a new position in shares of Shopify during the 4th quarter valued at $27,000. Evolution Wealth Management Inc. boosted its holdings in Shopify by 203.9% in the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after buying an additional 155 shares during the period. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify in the 4th quarter worth $29,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Shopify in the 4th quarter worth $31,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 1.2%

Shopify stock opened at $123.56 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The firm’s fifty day moving average is $112.47 and its 200 day moving average is $123.66. The company has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.68 and a beta of 2.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SHOP shares. Canaccord Genuity Group decreased their price target on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings lowered Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Morgan Stanley downgraded Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $157.58.

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.