Lansforsakringar Fondforvaltning AB publ Invests $29.32 Million in Shopify Inc. (NYSE:SHOP)

Lansforsakringar Fondforvaltning AB publ purchased a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 275,770 shares of the software maker's stock, valued at approximately $29,322,000.

A number of other large investors have also recently made changes to their positions in SHOP. Tallon Kerry Patrick bought a new position in shares of Shopify in the fourth quarter valued at $230,000. Brighton Jones LLC lifted 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. Geneos Wealth Management Inc. lifted its stake in shares of Shopify by 8.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 4,069 shares of the software maker's stock valued at $433,000 after buying an additional 318 shares in the last quarter. Drive Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter valued at $219,000. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of Shopify by 28.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 7,488 shares of the software maker's stock valued at $796,000 after buying an additional 1,658 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Barclays dropped their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company raised their price target on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. TD Securities raised their price target on shares of Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a research report on Wednesday, February 12th. Finally, Phillip Securities lowered shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Trading Down 2.5%

NYSE SHOP traded down $2.73 during trading on Friday, hitting $104.97. The company had a trading volume of 12,180,186 shares, compared to its average volume of 9,446,461. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market cap of $135.92 billion, a price-to-earnings ratio of 67.72, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The company's fifty day moving average is $95.31 and its 200-day moving average is $105.03.

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.