Cerity Partners LLC Grows Position in Shopify Inc. (NYSE:SHOP)

Cerity Partners LLC raised its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,945 shares of the software maker's stock after purchasing an additional 6,498 shares during the quarter. Cerity Partners LLC's holdings in Shopify were worth $9,352,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Shopify during the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership raised its holdings 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 buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Shopify by 631.3% during the 4th 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 raised its holdings 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 buying an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP raised its holdings in shares of Shopify by 86.9% during the 4th 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. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on SHOP. Mizuho dropped their target price on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. BNP Paribas Exane downgraded Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price on the stock. in a report on Monday, May 5th. KeyCorp dropped their target price on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wedbush reiterated an "outperform" rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. Finally, Loop Capital cut their target price on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $115.77.

Shopify Price Performance

Shares of SHOP opened at $116.74 on Tuesday. The company has a market cap of $151.46 billion, a P/E ratio of 75.32, a PEG ratio of 4.82 and a beta of 2.61. The stock has a fifty day moving average price of $108.23 and a 200 day moving average price of $104.93. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

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.

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