HighTower Advisors LLC raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 3.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 207,714 shares of the software maker’s stock after acquiring an additional 7,839 shares during the quarter. HighTower Advisors LLC’s holdings in Shopify were worth $33,436,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Jennison Associates LLC lifted its position in Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after buying an additional 1,132,545 shares in the last quarter. Select Equity Group L.P. lifted its position in Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after buying an additional 1,079,494 shares in the last quarter. Steadfast Capital Management LP acquired a new position in Shopify during the third quarter valued at approximately $140,930,000. Finally, Vanguard Group Inc. lifted its position in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.
Shopify Trading Down 1.8%
NASDAQ SHOP opened at $103.00 on Friday. The company’s fifty day simple moving average is $116.29 and its 200-day simple moving average is $135.86. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock has a market cap of $133.66 billion, a P/E ratio of 101.98, a PEG ratio of 2.94 and a beta of 2.64.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on SHOP. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $175.00 price target on shares of Shopify in a research report on Thursday, February 12th. Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the company a “hold” rating in a research report on Wednesday, February 11th. Finally, DA Davidson reduced their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.
Get Our Latest Stock Report on SHOP
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.
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