Icon Wealth Advisors LLC Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Icon Wealth Advisors LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,584 shares of the software maker’s stock after acquiring an additional 12,958 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Shopify were worth $4,214,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the 2nd quarter valued at about $33,000. Brooklyn Investment Group purchased a new position in shares of Shopify during the third quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of several research analyst reports. Roth Mkm raised their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. UBS Group increased their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Evercore ISI raised their price objective on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Piper Sandler upped their price target on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify Trading Up 0.4 %

Shares of NYSE SHOP opened at $112.54 on Friday. The stock’s 50 day moving average price is $88.42 and its two-hundred day moving average price is $73.45. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62. The stock has a market capitalization of $145.41 billion, a P/E ratio of 105.18, a PEG ratio of 2.96 and a beta of 2.36. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, 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.