Grassi Investment Management Has $4.43 Million Stake in Shopify Inc. (NYSE:SHOP)

Grassi Investment Management boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 32.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,405 shares of the software maker's stock after acquiring an additional 11,450 shares during the quarter. Grassi Investment Management's holdings in Shopify were worth $4,431,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Shopify in the fourth quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership grew its stake in 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 in the last quarter. Alliancebernstein L.P. increased its position in Shopify by 631.3% in the 4th 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 during the last quarter. Marshall Wace LLP increased its position in Shopify by 623.8% in the 4th 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 during the last quarter. Finally, Durable Capital Partners LP raised its stake in shares of Shopify by 86.9% during the 4th 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 and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on SHOP shares. Barclays dropped their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Canaccord Genuity Group raised their price target on shares of Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Benchmark reduced their price objective on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Robert W. Baird increased their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Mizuho cut their target price on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $1.45 during midday trading on Thursday, reaching $105.03. 11,084,085 shares of the company's stock were exchanged, compared to its average volume of 9,407,941. The company's 50 day simple moving average is $95.55 and its two-hundred day simple moving average is $105.01. The firm has a market capitalization of $136.00 billion, a PE ratio of 67.76, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 12 month low of $48.56 and a 12 month 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.