City National Bank of Florida MSD Acquires Shares of 3,986 Shopify Inc. (NYSE:SHOP)

City National Bank of Florida MSD purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 3,986 shares of the software maker's stock, valued at approximately $424,000.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Shopify in the 4th quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Shopify by 79.8% in the fourth 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 period. Alliancebernstein L.P. grew its stake in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP grew its stake in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP grew its stake 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 purchasing an additional 1,836,294 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SHOP shares. National Bankshares dropped their price objective on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a research note on Monday, May 5th. The Goldman Sachs Group dropped their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Royal Bank of Canada dropped their price objective on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Finally, Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One investment 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 given a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Shopify Stock Performance

SHOP stock traded down $1.78 during midday trading on Friday, reaching $101.51. The stock had a trading volume of 5,996,877 shares, compared to its average volume of 9,476,353. The stock has a market cap of $131.44 billion, a PE ratio of 65.49, a P/E/G ratio of 4.82 and a beta of 2.66. The firm has a fifty day simple moving average of $95.30 and a two-hundred day simple moving average of $104.77. Shopify Inc. has a 52-week low of $48.56 and a 52-week 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.