BluePointe Capital Management LLC Has $1.25 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

BluePointe Capital Management LLC raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 27.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,091 shares of the software maker's stock after buying an additional 2,806 shares during the quarter. BluePointe Capital Management LLC's holdings in Shopify were worth $1,250,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC boosted its holdings in shares of Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares during the period. Capital International Investors boosted its holdings in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after buying an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Up 4.1%

NYSE:SHOP opened at $116.74 on Tuesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a fifty day simple moving average of $108.23 and a 200 day simple moving average of $104.93. The stock has a market capitalization of $151.46 billion, a PE ratio of 75.32, a P/E/G ratio of 4.82 and a beta of 2.61.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SHOP. Needham & Company LLC began coverage on shares of Shopify in a report on Monday. They set a "buy" rating and a $135.00 price objective for the company. Loop Capital reduced their price target on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. UBS Group cut their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Truist Financial reduced their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.77.

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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