Baker Avenue Asset Management LP Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Baker Avenue Asset Management LP reduced its stake in Shopify Inc. by 1.3%, owning 199,589 shares valued at approximately $19 million after selling 2,671 shares in Q1.
• A significant portion of Shopify's stock, about 69.27%, is currently held by hedge funds and institutional investors, indicating strong investor interest in the company.
• Shopify's shares opened at $122.21, with a market cap of $158.55 billion, reflecting ongoing positive sentiment from analysts despite fluctuating price targets.

Baker Avenue Asset Management LP cut its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 199,589 shares of the software maker's stock after selling 2,671 shares during the quarter. Baker Avenue Asset Management LP's holdings in Shopify were worth $19,057,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the fourth quarter worth $46,000. N.E.W. Advisory Services LLC acquired a new stake in Shopify in the first quarter valued at $49,000. FWL Investment Management LLC purchased a new stake in shares of Shopify during the 4th quarter worth $56,000. Finally, Clean Yield Group grew its stake in shares of Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP opened at $122.21 on Friday. The business has a 50-day moving average of $113.56 and a two-hundred day moving average of $106.44. The firm has a market capitalization of $158.55 billion, a PE ratio of 78.85, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Analyst Ratings Changes

Several analysts recently commented on the stock. UBS Group reiterated a "hold" rating on shares of Shopify in a research note on Friday, July 18th. Stifel Nicolaus lifted their price target on shares of Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a research report on Tuesday, July 15th. DA Davidson boosted their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. CIBC raised their price objective on Shopify from $125.00 to $145.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. Finally, Barclays reduced their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Company 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.

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