Assetmark Inc. Has $9.03 Million Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Assetmark Inc. increased its stake in Shopify Inc. by 10.6%, owning a total of 93,440 shares valued at approximately $9.03 million as of the end of the most recent reporting period.
• Institutional investors and hedge funds collectively own 69.27% of Shopify's stock, with several institutions establishing new positions or increasing their stakes in the fourth quarter.
• Shopify shares have received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a target price of $119.16, despite some analysts lowering their price objectives recently.

Assetmark Inc. grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 93,440 shares of the software maker's stock after purchasing an additional 8,930 shares during the quarter. Assetmark Inc.'s holdings in Shopify were worth $9,033,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allianz SE purchased a new position in shares of Shopify during the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the 4th quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in Shopify in the 4th quarter valued at approximately $46,000. FWL Investment Management LLC acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $56,000. Finally, Clean Yield Group lifted its position in shares of Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock valued at $56,000 after acquiring an additional 218 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of Shopify stock traded up $2.64 during trading on Thursday, hitting $125.65. 2,585,812 shares of the company's stock traded hands, compared to its average volume of 10,323,379. The firm's fifty day moving average price is $113.18 and its 200 day moving average price is $106.30. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market cap of $163.01 billion, a PE ratio of 81.06, a PEG ratio of 4.82 and a beta of 2.61.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. CIBC lifted their price target on shares of Shopify from $125.00 to $145.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. BMO Capital Markets started coverage on Shopify in a research report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective for the company. Scotiabank lifted their price objective on Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Monday. Finally, KeyCorp lifted their price objective on Shopify from $115.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average target price of $120.34.

Shopify 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.