Cohen Capital Management Inc. raised its position in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) TSE: SHOP by 43.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,677 shares of the software maker’s stock after buying an additional 9,955 shares during the period. Cohen Capital Management Inc.’s holdings in Shopify were worth $3,731,000 at the end of the most recent reporting period.
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Several other hedge funds have also recently made changes to their positions in the business. Kingdom Financial Group LLC. purchased a new position in Shopify during the 4th quarter valued at $26,000. Curio Wealth LLC bought a new position in Shopify during the 4th quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at $29,000. Lloyd Advisory Services LLC. purchased a new position in Shopify in the fourth quarter worth about $31,000. Finally, Sound Income Strategies LLC raised its holdings in Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after acquiring an additional 89 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
SHOP has been the subject of a number of recent analyst reports. Canaccord Genuity Group set a $180.00 target price on Shopify and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, July 9th. Wedbush lifted their price objective on Shopify from $155.00 to $176.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Evercore reissued an “outperform” rating and issued a $175.00 price objective (up from $135.00) on shares of Shopify in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $169.72.
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