Clare Market Investments LLC Takes $1.34 Million Position in Shopify Inc. $SHOP

Clare Market Investments LLC bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,320 shares of the software maker’s stock, valued at approximately $1,343,000.

Other hedge funds have also recently modified their holdings of the company. First Affirmative Financial Network raised its holdings in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after acquiring an additional 75 shares during the last quarter. TBH Global Asset Management LLC boosted its stake in shares of Shopify by 1.2% in the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after acquiring an additional 75 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Shopify by 13.9% in the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after acquiring an additional 77 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Shopify by 2.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after purchasing an additional 80 shares in the last quarter. Finally, Pacific Sage Partners LLC increased its position in shares of Shopify by 3.9% during the fourth quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock worth $343,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $122.90 on Tuesday. The company has a market capitalization of $159.48 billion, a price-to-earnings ratio of 121.68, a price-to-earnings-growth ratio of 3.28 and a beta of 2.58. The business has a 50-day moving average of $111.33 and a two-hundred day moving average of $126.51. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SHOP. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a report on Tuesday, May 5th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Canaccord Genuity Group decreased their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, National Bank Financial lowered their price target on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $156.06.

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.