Bridgewater Advisors Inc. Takes $889,000 Position in Shopify Inc. (NYSE:SHOP)

Bridgewater Advisors Inc. acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,989 shares of the software maker's stock, valued at approximately $889,000.

Several other large investors have also recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the period. Frank Rimerman Advisors LLC bought a new position in shares of Shopify during the 4th quarter worth $259,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Shopify by 31.1% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 47,356 shares of the software maker's stock worth $5,035,000 after acquiring an additional 11,232 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in Shopify by 4.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 5,495 shares of the software maker's stock worth $584,000 after acquiring an additional 245 shares during the last quarter. Finally, Petra Financial Advisors Inc. bought a new stake in Shopify in the 4th quarter valued at about $558,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group lowered their price target on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Wedbush reissued an "outperform" rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. National Bankshares decreased their price objective on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, Jefferies Financial Group dropped their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $117.45.

Shopify Trading Up 5.8%

SHOP stock traded up $6.97 on Thursday, hitting $126.97. The company had a trading volume of 10,478,533 shares, compared to its average volume of 9,286,290. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market cap of $164.73 billion, a price-to-earnings ratio of 81.78, a P/E/G ratio of 4.82 and a beta of 2.61. The stock's 50-day simple moving average is $109.16 and its 200 day simple moving average is $105.11.

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.