Central Pacific Bank Trust Division Has $489,000 Position in Shopify Inc. (NYSE:SHOP)

Central Pacific Bank Trust Division raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1,635.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,121 shares of the software maker's stock after purchasing an additional 4,826 shares during the quarter. Central Pacific Bank Trust Division's holdings in Shopify were worth $489,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Members Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $177,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Shopify in the fourth quarter valued at $29,322,000. Centaurus Financial Inc. grew its position in shares of Shopify by 15.4% in the 4th quarter. Centaurus Financial Inc. now owns 1,496 shares of the software maker's stock valued at $159,000 after acquiring an additional 200 shares during the period. Cim LLC acquired a new position in shares of Shopify during the 4th quarter worth about $1,313,000. Finally, Total Wealth Planning & Management Inc. acquired a new position in shares of Shopify during the 4th quarter worth about $232,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. Piper Sandler raised their target price on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research report on Monday, May 5th. Evercore ISI boosted their target price on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Morgan Stanley increased their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Canaccord Genuity Group lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have issued 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, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $115.37.

Shopify Stock Performance

Shares of Shopify stock traded down $1.66 during midday trading on Wednesday, hitting $103.45. 4,062,635 shares of the company traded hands, compared to its average volume of 9,404,269. The firm's fifty day moving average price is $95.41 and its 200-day moving average price is $105.02. The stock has a market cap of $133.95 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 12 month low of $48.56 and a 12 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.