Accuvest Global Advisors Makes New Investment in Shopify Inc. (NYSE:SHOP)

Key Points

• Accuvest Global Advisors has acquired a new stake in Shopify Inc. (NYSE:SHOP), purchasing 5,929 shares valued at approximately $566,000.
• In the fourth quarter, other hedge funds, including Brighton Jones LLC and Cerity Partners LLC, also increased their investments in Shopify, contributing to 69.27% of the stock being owned by institutional investors.
• Wall Street analysts have mixed outlooks for Shopify, with price targets ranging from $85.00 to $130.00 and an average rating of "Moderate Buy."

Accuvest Global Advisors purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,929 shares of the software maker's stock, valued at approximately $566,000.

Several other hedge funds have also added to or reduced their stakes in SHOP. Brighton Jones LLC grew its holdings in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares during the period. Cerity Partners LLC boosted its position in shares of Shopify by 6.3% during the 4th 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 in the last quarter. Advisory Services Network LLC boosted its position in shares of Shopify by 7.5% during the 4th quarter. Advisory Services Network LLC now owns 84,086 shares of the software maker's stock worth $8,941,000 after purchasing an additional 5,854 shares in the last quarter. APG Asset Management US Inc. grew its stake in shares of Shopify by 4.4% in the 4th quarter. APG Asset Management US Inc. now owns 38,167 shares of the software maker's stock valued at $4,060,000 after buying an additional 1,614 shares during the period. Finally, Scotia Capital Inc. increased its position in Shopify by 3.9% in the 4th quarter. Scotia Capital Inc. now owns 1,117,479 shares of the software maker's stock valued at $118,566,000 after buying an additional 42,253 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

SHOP stock opened at $154.90 on Thursday. The company has a market capitalization of $200.96 billion, a PE ratio of 99.94, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $63.55 and a one year high of $156.39. The company's 50 day moving average price is $115.74 and its two-hundred day moving average price is $107.22.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research reports. Morgan Stanley raised their price objective on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group dropped their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Jefferies Financial Group reduced their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. Finally, Mizuho cut their price target on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $120.74.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.