Massachusetts Financial Services Co. MA Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Massachusetts Financial Services Co. MA boosted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 21.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,649,162 shares of the software maker's stock after buying an additional 979,598 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.44% of Shopify worth $539,382,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allianz SE acquired a new position in Shopify in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC boosted its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the 4th quarter valued at about $46,000. Finally, FWL Investment Management LLC purchased a new stake in Shopify during the fourth quarter worth about $56,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the topic of a number of research reports. BMO Capital Markets assumed coverage on shares of Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. Loop Capital reduced their target price on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. UBS Group cut their price objective on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Finally, Benchmark dropped their price objective on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-six have assigned a buy rating and two have issued a strong 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 $115.63.

Shopify Trading Down 1.4%

Shares of Shopify stock traded down $1.69 during trading on Tuesday, hitting $115.05. The stock had a trading volume of 5,435,129 shares, compared to its average volume of 9,313,760. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business's 50-day moving average is $108.23 and its 200 day moving average is $104.93. The firm has a market cap of $149.26 billion, a price-to-earnings ratio of 74.23, a P/E/G ratio of 4.82 and a beta of 2.61.

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.