Aspen Capital Management LLC Takes $220,000 Position in Shopify Inc. (NYSE:SHOP)

Aspen Capital Management LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,300 shares of the software maker's stock, valued at approximately $220,000.

Several other hedge funds have also recently made changes to their positions in SHOP. Capital World Investors grew its stake in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the period. Vanguard Group Inc. grew its stake in Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the period. FMR LLC grew its stake in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Capital International Investors grew its stake in Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $127.07 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $164.86 billion, a P/E ratio of 81.98, a P/E/G ratio of 4.82 and a beta of 2.61. The stock has a 50 day moving average price of $110.52 and a 200 day moving average price of $105.38.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Wedbush reissued an "outperform" rating and issued a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. Morgan Stanley boosted their target price on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Royal Bank Of Canada upped their price target on Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a report on Friday. KeyCorp lowered their price target on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, National Bankshares lowered their price target on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $117.58.

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.

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