Carnegie Investment Counsel Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Carnegie Investment Counsel grew its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,830 shares of the software maker's stock after buying an additional 5,084 shares during the period. Carnegie Investment Counsel's holdings in Shopify were worth $10,582,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Shopify during the fourth quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Shopify by 79.8% in 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 in the last quarter. Jennison Associates LLC grew its stake in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after buying an additional 4,036,326 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after buying an additional 3,849,796 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after buying an additional 2,228,091 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on SHOP shares. Jefferies Financial Group dropped their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. JPMorgan Chase & Co. cut their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Scotiabank reduced their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Finally, Barclays cut their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $119.16.

Shopify Price Performance

Shares of SHOP stock traded up $2.35 during trading hours on Friday, reaching $124.43. 6,934,211 shares of the company traded hands, compared to its average volume of 10,473,647. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $161.43 billion, a P/E ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61. The firm has a 50-day moving average price of $111.77 and a 200 day moving average price of $105.80.

About Shopify

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.