ASR Vermogensbeheer N.V. Invests $2.48 Million in Shopify Inc. (NYSE:SHOP)

Key Points

• ASR Vermogensbeheer N.V. invested approximately $2.48 million in Shopify Inc., acquiring 26,019 shares during the first quarter.
• Analysts have recently increased their price targets for Shopify, with Bank of America raising it from $110 to $185 and Royal Bank of Canada from $145 to $170.
• Shopify's current market capitalization stands at $196 billion, with a consensus rating of "Moderate Buy" and an average price target of $143.69.

ASR Vermogensbeheer N.V. bought a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 26,019 shares of the software maker's stock, valued at approximately $2,475,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LRI Investments LLC lifted its stake in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after purchasing an additional 79 shares during the period. Fullcircle Wealth LLC boosted its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after buying an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after buying an additional 116 shares during the period. Pinnacle Financial Partners Inc grew its holdings in Shopify by 4.0% in the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after buying an additional 125 shares during the period. Finally, Accurate Wealth Management LLC increased its stake in shares of Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after acquiring an additional 131 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SHOP shares. Bank of America boosted their target price on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday. Royal Bank Of Canada lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday. Arete reissued a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday. Finally, CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $143.69.

Shopify Price Performance

Shares of SHOP opened at $151.07 on Friday. The stock has a market capitalization of $196.00 billion, a PE ratio of 97.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business's fifty day moving average price is $116.61 and its 200 day moving average price is $107.55. Shopify Inc. has a 12-month low of $63.91 and a 12-month high of $156.85.

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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