Hudson Bay Capital Management LP Buys New Stake in Shopify Inc. $SHOP

Key Points

• Hudson Bay Capital Management bought a new stake of 66,835 Shopify shares in Q3, valued at about $9.93 million per its latest Form 13F filing.
• Institutional ownership is 69.27%, with several funds adjusting positions—e.g., Nomura more than doubled to 85,860 shares (~$9.9M) and AQR increased its stake by 107.3%.
• Analysts are generally bullish: MarketBeat reports a consensus "Moderate Buy" and an average price target of $163.38 versus Shopify's recent price around $122.35, indicating potential upside.

Hudson Bay Capital Management LP bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 66,835 shares of the software maker's stock, valued at approximately $9,932,000.

Several other hedge funds and other institutional investors have also modified their holdings of SHOP. Brighton Jones LLC grew its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after buying an additional 584 shares in the last quarter. AQR Capital Management LLC lifted its stake in Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock worth $1,392,000 after acquiring an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock valued at $945,000 after acquiring an additional 506 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Shopify by 100.4% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 85,860 shares of the software maker's stock valued at $9,904,000 after acquiring an additional 43,021 shares during the period. Finally, Rothschild Investment LLC grew its position in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 1.1%

Shares of Shopify stock opened at $122.35 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market capitalization of $159.56 billion, a P/E ratio of 131.56, a P/E/G ratio of 4.39 and a beta of 2.83. The company has a 50 day moving average of $130.53 and a 200 day moving average of $148.18.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHOP. Moffett Nathanson upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $150.00 price target on the stock in a research note on Monday, February 9th. Phillip Securities upgraded shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 18th. Jefferies Financial Group lifted their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a "hold" rating in a report on Monday, March 9th. Wedbush cut their target price on shares of Shopify from $185.00 to $160.00 and set an "outperform" rating on the stock in a research note on Thursday, February 12th. Finally, Mizuho upgraded shares of Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 target price on the stock in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $163.38.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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