Commerce Bank Buys 6,394 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Commerce Bank increased its stake in Shopify Inc. by 12.3% during the 1st quarter, now holding 58,348 shares worth approximately $5.57 million.
• Several analysts have recently adjusted their price targets for Shopify, with Goldman Sachs lowering its target from $150 to $130 while maintaining a "buy" rating.
• Shopify's stock has performed well, with a 52-week high of $129.38 and a market capitalization of $153.87 billion.

Commerce Bank boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,348 shares of the software maker's stock after acquiring an additional 6,394 shares during the period. Commerce Bank's holdings in Shopify were worth $5,571,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Shopify in the fourth quarter worth about $46,000. N.E.W. Advisory Services LLC bought a new stake in Shopify in the first quarter worth about $49,000. FWL Investment Management LLC bought a new stake in Shopify in the fourth quarter worth about $56,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Shopify in the fourth quarter worth about $60,000. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on SHOP. UBS Group reissued a "hold" rating on shares of Shopify in a research report on Friday, July 18th. The Goldman Sachs Group lowered their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Arete reissued a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Stifel Nicolaus boosted their price target on shares of Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a research report on Tuesday, July 15th. Finally, National Bankshares boosted their price target on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $120.34.

Shopify Stock Performance

Shares of Shopify stock opened at $118.60 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market capitalization of $153.87 billion, a price-to-earnings ratio of 76.52, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company has a fifty day moving average of $113.90 and a 200-day moving average of $106.57.

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.

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