Alpine Global Management LLC Invests $2.93 Million in Shopify Inc. $SHOP

Key Points

• Alpine Global Management LLC acquired a stake in Shopify Inc., purchasing 30,670 shares valued at approximately $2.93 million, which accounts for about 0.8% of its portfolio.
• Multiple institutional investors, including Mather Group LLC and Bank of America, have increased their investments in Shopify, indicating growing confidence in the company's prospects.
• Analysts have raised their target prices for Shopify, with Royal Bank of Canada setting a new target of $170 and Bank of America increasing theirs to $185, reflecting a generally positive outlook for the company's growth.

Alpine Global Management LLC acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 30,670 shares of the software maker's stock, valued at approximately $2,928,000. Shopify comprises approximately 0.8% of Alpine Global Management LLC's portfolio, making the stock its 28th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Mather Group LLC. lifted its holdings in shares of Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after acquiring an additional 511 shares during the period. Dynamic Advisor Solutions LLC acquired a new stake in Shopify in the first quarter valued at approximately $382,000. GAMMA Investing LLC grew its position in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares in the last quarter. Bessemer Group Inc. grew its position 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 in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in 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 purchasing an additional 432 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Oppenheimer increased their price objective on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Bank of America increased their price target on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Finally, Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $150.27.

Shopify Trading Down 0.2%

NYSE SHOP opened at $141.28 on Friday. The stock has a 50 day moving average of $127.97 and a 200-day moving average of $110.55. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The company has a market cap of $183.62 billion, a PE ratio of 91.15, a PEG ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter last year, the business earned $0.26 earnings per share. Shopify's revenue was up 31.1% on a year-over-year basis. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.

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.