Lyell Wealth Management LP Purchases 2,770 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Lyell Wealth Management LP increased its stake in Shopify Inc. by 1.8%, acquiring an additional 2,770 shares, bringing its total holdings to 160,258 shares valued at approximately $15.3 million.
• Several analysts have adjusted their ratings and price targets for Shopify, with a consensus rating of "Moderate Buy" and a target price of $120.34.
• Shopify's stock has experienced a 12-month range, with a low of $48.56 and a high of $129.38, and it currently trades at $123.01.

Lyell Wealth Management LP increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 160,258 shares of the software maker's stock after buying an additional 2,770 shares during the period. Shopify accounts for 1.4% of Lyell Wealth Management LP's holdings, making the stock its 18th biggest holding. Lyell Wealth Management LP's holdings in Shopify were worth $15,301,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Shopify during the fourth quarter valued at about $46,000. N.E.W. Advisory Services LLC bought a new position in shares of Shopify during the first quarter valued at about $49,000. FWL Investment Management LLC bought a new position in shares of Shopify during the fourth quarter valued at about $56,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Shopify during the fourth quarter valued at about $60,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on SHOP shares. UBS Group reaffirmed a "hold" rating on shares of Shopify in a research report on Friday, July 18th. JPMorgan Chase & Co. reduced their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. DA Davidson boosted their price target on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Oppenheimer reissued an "outperform" rating and issued a $145.00 price target (up previously from $125.00) on shares of Shopify in a research note on Monday. Finally, National Bankshares upped their price objective on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Trading Down 1.5%

SHOP opened at $123.01 on Thursday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $159.59 billion, a price-to-earnings ratio of 79.36, a PEG ratio of 4.82 and a beta of 2.61. The company's 50 day moving average is $113.18 and its 200 day moving average is $106.30.

Shopify 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.

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