Beacon Pointe Advisors LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 834.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,494 shares of the software maker's stock after acquiring an additional 20,087 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Shopify were worth $702,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Evoke Wealth LLC grew its stake in Shopify by 790.1% in the second quarter. Evoke Wealth LLC now owns 810 shares of the software maker's stock worth $25,000 after purchasing an additional 719 shares during the period. Gradient Investments LLC grew its stake in Shopify by 978.9% in the second quarter. Gradient Investments LLC now owns 820 shares of the software maker's stock worth $26,000 after purchasing an additional 744 shares during the period. Trustcore Financial Services LLC grew its stake in shares of Shopify by 2,100.0% in the second quarter. Trustcore Financial Services LLC now owns 880 shares of the software maker's stock worth $27,000 after acquiring an additional 840 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Shopify by 352.1% in the second quarter. Larson Financial Group LLC now owns 850 shares of the software maker's stock worth $27,000 after acquiring an additional 662 shares during the last quarter. Finally, CVA Family Office LLC grew its stake in shares of Shopify by 1,680.0% in the second quarter. CVA Family Office LLC now owns 890 shares of the software maker's stock worth $28,000 after acquiring an additional 840 shares during the last quarter. Institutional investors own 54.64% of the company's stock.

Shopify Stock Performance

NYSE:SHOP opened at $36.79 on Friday. The company has a current ratio of 6.64, a quick ratio of 6.64 and a debt-to-equity ratio of 0.15. Shopify Inc. has a 12-month low of $23.63 and a 12-month high of $166.13. The stock has a 50-day moving average price of $31.52 and a 200 day moving average price of $35.97. The stock has a market capitalization of $46.46 billion, a P/E ratio of -14.51 and a beta of 1.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SHOP shares. DA Davidson increased their target price on Shopify to $34.00 in a research note on Tuesday, November 1st. Royal Bank of Canada cut their target price on Shopify from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, October 21st. DZ Bank cut Shopify from a "buy" rating to a "hold" rating in a research note on Wednesday, August 10th. KGI Securities downgraded Shopify from an "outperform" rating to a "neutral" rating in a report on Friday, August 5th. Finally, Piper Sandler upped their price target on Shopify from $32.00 to $36.00 and gave the company a "neutral" rating in a report on Friday, October 28th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $61.86.

Shopify Profile

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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