AMF Tjanstepension AB Buys 344,227 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• AMF Tjanstepension AB significantly increased its stake in Shopify Inc. by purchasing an additional 344,227 shares, raising its total holdings to 465,076 shares, valued at approximately $44.4 million.
• Analysts have varying outlooks on Shopify, with price targets ranging from $91.00 to $145.00, reflecting a consensus rating of "Moderate Buy" and an average target of $143.69.
• Shopify's stock has experienced considerable volatility, maintaining a market cap of $196 billion, with a 52-week low of $63.91 and high of $156.85.

AMF Tjanstepension AB lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 284.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465,076 shares of the software maker's stock after purchasing an additional 344,227 shares during the period. AMF Tjanstepension AB's holdings in Shopify were worth $44,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after acquiring an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Shopify in the fourth quarter valued at approximately $46,000. Finally, Accent Capital Management LLC bought a new stake in Shopify in the first quarter valued at approximately $46,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on SHOP shares. JPMorgan Chase & Co. boosted their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note on Thursday. Citigroup increased their price target on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday. Robert W. Baird upped their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Evercore ISI upped their price objective on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Jefferies Financial Group cut their price target on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.0%

Shares of NYSE SHOP traded down $1.46 during trading hours on Friday, reaching $149.61. 9,567,891 shares of the stock traded hands, compared to its average volume of 10,552,143. The company has a market capitalization of $194.10 billion, a P/E ratio of 96.52, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The company's 50-day simple moving average is $117.50 and its two-hundred day simple moving average is $107.86.

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.