GAMMA Investing LLC Has $8.78 Million Stock Position in Shopify Inc. (NYSE:SHOP)

GAMMA Investing LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 17,086.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 91,947 shares of the software maker's stock after purchasing an additional 91,412 shares during the quarter. GAMMA Investing LLC's holdings in Shopify were worth $8,779,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SHOP. Tallon Kerry Patrick bought a new stake in shares of Shopify during the 4th quarter valued at $230,000. Brighton Jones LLC lifted its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares during the period. Mather Group LLC. grew its stake in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after buying an additional 184 shares in the last quarter. Trilogy Capital Inc. bought a new position in Shopify in the 4th quarter valued at about $216,000. Finally, Bleakley Financial Group LLC raised its position in shares of Shopify by 5.2% in the 4th quarter. Bleakley Financial Group LLC now owns 18,011 shares of the software maker's stock valued at $1,915,000 after buying an additional 898 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on SHOP. Wedbush reiterated an "outperform" rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Royal Bank of Canada decreased their price target on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. CIBC raised their price objective on Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, Piper Sandler lifted their target price on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research report on Wednesday, February 12th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $115.11.

Shopify Stock Up 6.1%

NYSE:SHOP traded up $6.38 during trading hours on Friday, reaching $111.41. The company had a trading volume of 8,729,612 shares, compared to its average volume of 9,422,623. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a market cap of $144.26 billion, a price-to-earnings ratio of 71.88, a P/E/G ratio of 4.82 and a beta of 2.63. The business's 50-day simple moving average is $96.02 and its two-hundred day simple moving average is $105.06.

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.