Cumberland Partners Ltd Purchases Shares of 14,495 Shopify Inc. (NYSE:SHOP)

Key Points

• Cumberland Partners Ltd has acquired a new position in Shopify Inc. worth approximately $1.38 million, purchasing 14,495 shares during the first quarter.
• Institutional investors and hedge funds collectively own 69.27% of Shopify's stock, with several new positions formed in recent quarters.
• Analysts have varying ratings on Shopify, with a consensus of "Moderate Buy" and an average price target of $120.34.

Cumberland Partners Ltd acquired a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 14,495 shares of the software maker's stock, valued at approximately $1,380,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter worth $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Shopify during the 4th quarter worth about $46,000. N.E.W. Advisory Services LLC purchased a new position in shares of Shopify during the 1st quarter worth about $49,000. FWL Investment Management LLC purchased a new position in shares of Shopify during the 4th quarter worth about $56,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Shopify during the 4th quarter worth about $60,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Arete reaffirmed a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. dropped their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Finally, CIBC boosted their price objective on shares of Shopify from $125.00 to $145.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $120.34.

Shopify Price Performance

NYSE:SHOP traded up $6.61 during trading hours on Monday, hitting $125.21. 6,873,442 shares of the company were exchanged, compared to its average volume of 10,339,145. The stock has a market capitalization of $162.45 billion, a price-to-earnings ratio of 80.78, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company's 50 day moving average price is $113.90 and its 200-day moving average price is $106.60.

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.