56,889 Shares in Shopify Inc. (NYSE:SHOP) Acquired by Janney Capital Management LLC

Janney Capital Management LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 56,889 shares of the software maker's stock, valued at approximately $5,429,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital World Investors raised its stake in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares during the period. Vanguard Group Inc. raised its stake in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after buying an additional 781,162 shares during the period. FMR LLC raised its stake in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares during the period. Capital International Investors increased its holdings in Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after purchasing an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 0.5%

NYSE SHOP opened at $105.97 on Thursday. The stock's 50-day simple moving average is $99.86 and its two-hundred day simple moving average is $104.96. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $137.48 billion, a price-to-earnings ratio of 68.37, a PEG ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

A number of analysts have commented on the company. Barclays decreased their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Jefferies Financial Group reduced their target price on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Loop Capital reduced their target price on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $115.66.

Shopify Company Profile

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.

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