Shopify Inc. (NYSE:SHOP) Stake Lifted by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,230 shares of the software maker's stock after acquiring an additional 4,597 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Shopify were worth $9,284,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SHOP. Capital World Investors increased its holdings in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after acquiring an additional 496,982 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. FMR LLC lifted its position in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares in the last quarter. Capital International Investors boosted its stake in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP traded down $3.87 during trading hours on Friday, hitting $105.34. 7,971,810 shares of the stock were exchanged, compared to its average volume of 9,382,979. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a 50-day simple moving average of $98.07 and a 200-day simple moving average of $105.14. The stock has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SHOP. Morgan Stanley upped their target price on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Truist Financial lowered their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Mizuho lowered their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research report on Wednesday. Finally, Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average target price of $115.39.

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.