IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shopify Inc. by 54.5% during the first quarter, bringing its total holdings to a value of $3.57 million.
• Several institutional investors, including Capital World Investors and FMR LLC, have also increased their stakes in Shopify, reflecting strong confidence in the company's performance.
• Analyst ratings for Shopify show an average recommendation of "Moderate Buy" with an average price target of $120.34, with a mix of buy, hold, and sell ratings from various brokerages.

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 54.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,387 shares of the software maker's stock after purchasing an additional 13,182 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Shopify were worth $3,570,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Mather Group LLC. increased its stake in shares of Shopify by 127.4% during the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after purchasing an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Shopify during the first quarter valued at approximately $382,000. GAMMA Investing LLC grew its holdings in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after buying an additional 428 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Shopify by 3.8% during the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after buying an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Shopify by 1.1% during the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after buying an additional 432 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $1.79 during midday trading on Tuesday, hitting $127.00. The company's stock had a trading volume of 9,191,565 shares, compared to its average volume of 10,331,376. The business's 50 day simple moving average is $114.78 and its 200 day simple moving average is $106.89. The company has a market cap of $164.77 billion, a P/E ratio of 81.94, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $52.34 and a 12-month high of $129.38.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Oppenheimer reiterated an "outperform" rating and set a $145.00 price target (up previously from $125.00) on shares of Shopify in a report on Monday, July 28th. Wells Fargo & Company lifted their price target on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Arete reissued a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. CIBC lifted their price objective on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. Finally, UBS Group reissued a "hold" rating on shares of Shopify in a research note on Friday, July 18th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $120.74.

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.