Ithaka Group LLC Purchases New Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Ithaka Group LLC purchased 89,919 shares of Shopify Inc. valued at approximately $8.6 million, making the stock the firm's 20th largest holding and representing 1.7% of its investment portfolio.
• Wall Street analysts have high expectations for Shopify, with a consensus rating of "Moderate Buy" and a target price of $120.34, while 22 analysts issued buy ratings.
• Shopify's stock opened at $125.21, boasting a market capitalization of $162.45 billion and a price-to-earnings ratio of 80.78.

Ithaka Group LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 89,919 shares of the software maker's stock, valued at approximately $8,585,000. Shopify comprises 1.7% of Ithaka Group LLC's portfolio, making the stock its 20th biggest position.

A number of other large investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares during the period. KCM Investment Advisors LLC bought a new position in shares of Shopify in the fourth quarter worth about $208,000. Cerity Partners LLC grew its holdings in shares of Shopify by 6.3% in the fourth quarter. Cerity Partners LLC now owns 91,447 shares of the software maker's stock worth $8,887,000 after purchasing an additional 5,454 shares during the last quarter. Wellspring Financial Advisors LLC purchased a new position in Shopify in the 4th quarter worth about $201,000. Finally, Certior Financial Group LLC bought a new stake in Shopify during the 4th quarter valued at about $200,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 2.5%

Shares of NYSE SHOP traded down $3.83 during midday trading on Thursday, reaching $151.07. 15,918,183 shares of the stock were exchanged, compared to its average volume of 10,558,622. The firm has a market cap of $196.00 billion, a price-to-earnings ratio of 97.47, a PEG ratio of 4.82 and a beta of 2.63. The firm has a 50-day simple moving average of $116.61 and a two-hundred day simple moving average of $107.55. Shopify Inc. has a twelve month low of $63.91 and a twelve month high of $156.85.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Needham & Company LLC started coverage on shares of Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 target price on the stock. Benchmark reiterated a "buy" rating and issued a $140.00 price target (up previously from $125.00) on shares of Shopify in a report on Tuesday. Morgan Stanley raised their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective for the company. in a research note on Tuesday, July 22nd. Finally, Stifel Nicolaus raised their target price on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $143.69.

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.