Atika Capital Management LLC Acquires 9,100 Shares of Shopify Inc. $SHOP

Key Points

• Atika Capital Management LLC raised its Shopify stake by 13.1% in Q3, buying 9,100 shares to hold 78,500 shares worth about $11.67 million per its latest 13F filing.
• Other institutions also increased exposure—e.g., Principal Financial added 63,300 shares and IQ EQ boosted its position by 65.5%—leaving 69.27% of Shopify stock owned by institutional investors.
• Analyst sentiment is broadly positive with a consensus of "Moderate Buy" and an average price target of $163.33, while individual targets range roughly from $126 to $175.

Atika Capital Management LLC raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 13.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,500 shares of the software maker's stock after buying an additional 9,100 shares during the quarter. Atika Capital Management LLC's holdings in Shopify were worth $11,666,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SHOP. Knights of Columbus Asset Advisors LLC bought a new stake in shares of Shopify in the third quarter valued at about $4,110,000. Principal Financial Group Inc. increased its stake in Shopify by 16.3% during the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker's stock valued at $67,006,000 after acquiring an additional 63,300 shares during the period. Triton Financial Group Inc acquired a new position in Shopify in the 3rd quarter valued at approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Shopify by 65.5% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker's stock worth $23,557,000 after acquiring an additional 62,743 shares during the period. Finally, TriaGen Wealth Management LLC bought a new stake in shares of Shopify in the 3rd quarter worth approximately $2,562,000. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on SHOP. Truist Financial set a $150.00 price objective on Shopify and gave the company a "buy" rating in a research report on Tuesday, February 17th. Mizuho raised Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 target price for the company in a research report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $175.00 price target on shares of Shopify in a research note on Thursday, February 12th. Oppenheimer reissued an "outperform" rating on shares of Shopify in a report on Monday, December 1st. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $126.00 price objective (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $163.33.

Shopify Price Performance

Shopify stock opened at $129.52 on Thursday. The business has a 50 day simple moving average of $135.29 and a 200 day simple moving average of $148.89. The company has a market capitalization of $168.61 billion, a PE ratio of 139.27, a price-to-earnings-growth ratio of 4.64 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

About Shopify

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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