Bank of New York Mellon Corp Purchases 159,873 Shares of Shopify Inc. $SHOP

Bank of New York Mellon Corp raised its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,495,964 shares of the software maker's stock after acquiring an additional 159,873 shares during the period. Bank of New York Mellon Corp owned approximately 0.27% of Shopify worth $414,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after acquiring an additional 584 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock valued at $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Shopify by 6.6% during the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock valued at $945,000 after buying an additional 506 shares during the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Shopify in the second quarter worth approximately $53,000. Finally, Main Street Financial Solutions LLC raised its holdings in shares of Shopify by 15.3% in the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock worth $1,284,000 after buying an additional 1,479 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent analyst reports. Canaccord Genuity Group reduced their target price on Shopify from $165.00 to $145.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Susquehanna initiated coverage on shares of Shopify in a research note on Friday, July 10th. They set a "neutral" rating for the company. Oppenheimer restated an "outperform" rating and issued a $175.00 price target on shares of Shopify in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research note on Wednesday, May 6th. Finally, Piper Sandler reiterated an "overweight" rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $157.58.

Shopify Stock Down 1.2%

Shares of SHOP stock opened at $123.56 on Friday. The firm has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.71 and a beta of 2.58. The company's 50 day moving average is $112.47 and its 200 day moving average is $123.66. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify Profile

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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