Cannon Global Investment Management LLC Buys New Position in Shopify Inc. (NYSE:SHOP)

Cannon Global Investment Management LLC 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 filing with the Securities and Exchange Commission (SEC). The fund acquired 10,100 shares of the software maker's stock, valued at approximately $964,000. Shopify comprises 1.7% of Cannon Global Investment Management LLC's holdings, making the stock its 10th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership raised its position 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 purchasing an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Marshall Wace LLP lifted its holdings in Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP lifted its stake in shares of Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after buying an additional 1,836,294 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. The Goldman Sachs Group reduced their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Wedbush reissued an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Truist Financial reduced their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research report on Tuesday, May 6th. 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. Finally, Scotiabank reduced their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.66.

Shopify Price Performance

Shares of SHOP traded up $2.73 during trading hours on Thursday, reaching $117.50. 3,773,554 shares of the company's stock traded hands, compared to its average volume of 9,289,769. The business's fifty day simple moving average is $105.37 and its two-hundred day simple moving average is $104.77. The firm has a market capitalization of $152.44 billion, a price-to-earnings ratio of 75.81, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify 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.