Fifth Third Bancorp Buys 22,926 Shares of Shopify Inc. (NYSE:SHOP)

Fifth Third Bancorp increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 336.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,736 shares of the software maker's stock after buying an additional 22,926 shares during the period. Fifth Third Bancorp's holdings in Shopify were worth $2,839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Simon Quick Advisors LLC acquired a new position in Shopify during the 1st quarter valued at about $334,000. Zhang Financial LLC raised its position in Shopify by 23.1% in the 1st quarter. Zhang Financial LLC now owns 8,931 shares of the software maker's stock valued at $853,000 after buying an additional 1,678 shares during the last quarter. CX Institutional purchased a new position in Shopify during the 1st quarter worth $118,000. Assenagon Asset Management S.A. grew its stake in shares of Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after acquiring an additional 432 shares in the last quarter. Finally, Integrated Advisors Network LLC raised its holdings in shares of Shopify by 36.4% in the first quarter. Integrated Advisors Network LLC now owns 15,425 shares of the software maker's stock valued at $1,473,000 after purchasing an additional 4,117 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research analyst reports. Royal Bank of Canada cut their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Wedbush reiterated an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Truist Financial decreased their target price on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. Finally, KeyCorp dropped their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $115.39.

Shopify Stock Performance

Shares of SHOP traded up $3.68 during trading hours on Monday, hitting $109.02. The company had a trading volume of 2,875,284 shares, compared to its average volume of 9,323,923. The stock has a market capitalization of $141.16 billion, a price-to-earnings ratio of 70.20, a P/E/G 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 firm has a fifty day moving average price of $98.64 and a 200-day moving average price of $104.99.

About Shopify

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.