Park Avenue Securities LLC Buys 2,470 Shares of Shopify Inc. (NYSE:SHOP)

Park Avenue Securities LLC grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,748 shares of the software maker’s stock after buying an additional 2,470 shares during the period. Park Avenue Securities LLC’s holdings in Shopify were worth $3,604,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital World Investors raised its stake in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after acquiring an additional 496,982 shares in the last quarter. Vanguard Group Inc. grew its holdings in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC raised its position in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Capital International Investors raised its position in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after purchasing an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 3.2%

NYSE:SHOP opened at $107.80 on Tuesday. The firm has a market cap of $139.58 billion, a PE ratio of 69.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company’s 50-day moving average price is $96.16 and its two-hundred day moving average price is $105.05.

Analysts Set New Price Targets

A number of research firms recently issued reports on SHOP. Mizuho lowered their target price on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. ATB Capital lifted their price objective on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Barclays cut their price objective on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. CIBC raised their target price on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Capital One Financial upgraded Shopify from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.11.

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.