Andra AP fonden Has $21.97 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• Andra AP fonden boosted its Shopify stake by 166.9% in the first quarter, ending with 185,212 shares valued at about $21.97 million.
• Other big institutional investors also increased or initiated positions in Shopify, and hedge funds and institutions now own 69.27% of the company.
• Wall Street sentiment remains positive: Shopify carries a Moderate Buy consensus rating with an average price target of $157.58, while shares recently traded up 0.7% at $124.48.

Andra AP fonden increased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 166.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 185,212 shares of the software maker's stock after acquiring an additional 115,812 shares during the quarter. Andra AP fonden's holdings in Shopify were worth $21,970,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in Shopify in the fourth quarter valued at approximately $2,611,797,000. Sands Capital Management LLC grew its holdings in shares of Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after buying an additional 2,568,765 shares during the period. Invesco Ltd. grew its holdings in shares of Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after buying an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock valued at $184,883,000 after buying an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. increased its position in shares of Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after buying an additional 1,079,494 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SHOP. Weiss Ratings downgraded Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. Stifel Nicolaus set a $150.00 target price on Shopify and gave the company a "buy" rating in a research note on Thursday, July 9th. Jefferies Financial Group upgraded Shopify from a "hold" rating to a "buy" rating and increased their price target for the stock from $140.00 to $160.00 in a report on Sunday, July 12th. Bank of America started coverage on Shopify in a research report on Tuesday, July 7th. They set a "buy" rating and a $150.00 price target on the stock. Finally, Morgan Stanley cut Shopify from an "overweight" rating to a "buy" rating in a report on Monday, July 13th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average price target of $157.58.

Shopify Trading Up 0.7%

SHOP stock opened at $124.48 on Tuesday. The stock has a 50-day moving average price of $112.90 and a two-hundred day moving average price of $123.07. The stock has a market cap of $161.53 billion, a PE ratio of 123.25, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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