Allen Investment Management LLC Increases Stake in Shopify Inc. (NYSE:SHOP)

Key Points

• Allen Investment Management LLC has increased its stake in Shopify Inc. by 18.5% in the first quarter, now owning 516,334 shares valued at approximately $49.25 million.
• Several institutional investors have significantly expanded their positions in Shopify, with many increasing holdings by over 600% in just one quarter.
• Shopify's stock has a market capitalization of $161.43 billion, with a current consensus rating of "Moderate Buy" and a target price averaging $119.16.

Allen Investment Management LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 18.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 516,334 shares of the software maker's stock after purchasing an additional 80,654 shares during the quarter. Allen Investment Management LLC's holdings in Shopify were worth $49,251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Shopify in the fourth quarter valued at about $46,000. FWL Investment Management LLC bought a new stake in shares of Shopify in the fourth quarter valued at about $56,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Shopify in the fourth quarter valued at about $60,000. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SHOP. National Bankshares lifted their target price on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a report on Tuesday, July 22nd. Arete Research upgraded shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Arete reaffirmed a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Finally, Stifel Nicolaus lifted their target price on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $120.34.

Shopify Trading Up 0.6%

NYSE SHOP traded up $0.73 during trading on Wednesday, hitting $125.58. The company had a trading volume of 2,310,325 shares, compared to its average volume of 10,348,184. The company's fifty day moving average is $112.77 and its 200-day moving average is $106.18. The company has a market cap of $162.93 billion, a price-to-earnings ratio of 81.11, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify 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.