Joel Isaacson & Co. LLC Invests $223,000 in Shopify Inc. (NYSE:SHOP)

Joel Isaacson & Co. LLC acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,337 shares of the software maker's stock, valued at approximately $223,000.

A number of other large investors have also recently added to or reduced their stakes in SHOP. Norges Bank purchased a new stake in Shopify in the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership raised its holdings in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its position in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares during the last quarter. Marshall Wace LLP lifted its position in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after buying an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP boosted its stake in Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after buying an additional 1,836,294 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SHOP shares. JPMorgan Chase & Co. dropped their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Scotiabank dropped their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research report on Monday, May 5th. Finally, Morgan Stanley boosted their price objective on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Price Performance

Shares of NYSE:SHOP opened at $113.65 on Monday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a market capitalization of $147.45 billion, a P/E ratio of 73.32, a P/E/G ratio of 4.82 and a beta of 2.63. The company's fifty day moving average price is $103.68 and its 200 day moving average price is $104.64.

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.

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