Castleark Management LLC Buys New Shares in Shopify Inc. (NYSE:SHOP)

Castleark Management LLC purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 271,270 shares of the software maker's stock, valued at approximately $28,844,000. Shopify makes up about 1.0% of Castleark Management LLC's investment portfolio, making the stock its 21st largest holding.

A number of other institutional investors have also added to or reduced their stakes in SHOP. Norges Bank acquired a new position in shares of Shopify during the fourth quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership increased 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 valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. grew its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares during the period. Marshall Wace LLP grew its position in shares of 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 acquiring an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP increased its position in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after buying an additional 1,836,294 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Loop Capital dropped their price objective 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. Scotiabank dropped their target price on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. DA Davidson decreased their target price on shares of Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $115.37.

Shopify Price Performance

Shares of Shopify stock opened at $106.43 on Wednesday. The stock has a market cap of $137.81 billion, a price-to-earnings ratio of 68.66, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm's 50-day moving average is $94.87 and its 200 day moving average is $104.30.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.