Alan B Lancz & Associates Inc. grew its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 56.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,350 shares of the software maker's stock after purchasing an additional 3,000 shares during the quarter. Shopify comprises about 0.8% of Alan B Lancz & Associates Inc.'s investment portfolio, making the stock its 29th biggest position. Alan B Lancz & Associates Inc.'s holdings in Shopify were worth $797,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Mather Group LLC. boosted its position in shares of Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after acquiring an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Shopify in the first quarter worth about $382,000. GAMMA Investing LLC raised its stake in shares of Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Shopify by 3.8% during the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Shopify by 1.1% during the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after buying an additional 432 shares during the last quarter. Institutional investors own 69.27% of the company's stock.
Shopify Price Performance
Shares of SHOP traded down $1.21 during trading hours on Thursday, hitting $113.12. The company's stock had a trading volume of 901,971 shares, compared to its average volume of 9,285,898. The company has a market cap of $146.75 billion, a price-to-earnings ratio of 73.08, a PEG ratio of 4.82 and a beta of 2.61. The business has a 50 day simple moving average of $107.24 and a two-hundred day simple moving average of $104.89. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.
Analyst Upgrades and Downgrades
SHOP has been the subject of several research reports. Morgan Stanley increased their price objective on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Benchmark cut their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Royal Bank Of Canada cut their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. BMO Capital Markets began coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. One 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $115.66.
Check Out Our Latest Analysis on SHOP
About Shopify
(
Free Report)
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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