Johnson Financial Group LLC Buys Shares of 2,796 Shopify Inc. (NYSE:SHOP)

Key Points

• Johnson Financial Group LLC has acquired a new stake in Shopify Inc., purchasing 2,796 shares valued at approximately $267,000.
• Analysts have recently set new price targets for Shopify, with DA Davidson increasing their target from $125 to $185, indicating strong market confidence.
• Shopify's stock opened at $149.61, with a market cap of $194.10 billion and average rating of "Moderate Buy" among analysts.

Johnson Financial Group LLC acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,796 shares of the software maker's stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify during the 4th quarter worth about $30,000. Smithfield Trust Co grew its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Shopify in the 4th quarter valued at approximately $46,000. Finally, Accent Capital Management LLC acquired a new position in shares of Shopify in the 1st quarter valued at approximately $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE SHOP traded down $2.11 on Monday, reaching $147.50. The stock had a trading volume of 10,124,305 shares, compared to its average volume of 10,549,126. The firm has a fifty day moving average of $118.32 and a two-hundred day moving average of $108.15. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The company has a market cap of $191.36 billion, a P/E ratio of 95.16, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Wall Street Analyst Weigh In

SHOP has been the subject of several research analyst reports. Robert W. Baird boosted their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Arete Research upgraded Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Citigroup boosted their price objective on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday. Morgan Stanley boosted their target price on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Scotiabank restated a "sector perform" rating and issued a $150.00 target price (up previously from $115.00) on shares of Shopify in a research note on Thursday. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $148.51.

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.