Oak Ridge Investments LLC Makes New $6.91 Million Investment in Shopify Inc. $SHOP

Key Points

• Oak Ridge Investments LLC initiated a new position in Shopify during Q4, buying 42,923 shares worth about $6.91 million.
• Institutional ownership stands at roughly 69.27%, with other funds also adjusting positions (e.g., Third View Private Wealth added a new ~$10.6M stake and Assetmark increased its holdings to ~213,583 shares worth ~$34.38M).
• Analysts' consensus is a "Moderate Buy" with a target price of $162.70; Shopify opened at $114.97, has a market cap of $149.93B and a P/E of 123.62.

Oak Ridge Investments LLC bought a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 42,923 shares of the software maker's stock, valued at approximately $6,909,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assetmark Inc. lifted its holdings in shares of Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock worth $34,380,000 after purchasing an additional 13,415 shares during the period. Rede Wealth LLC acquired a new position in shares of Shopify during the fourth quarter worth $847,000. Third View Private Wealth LLC acquired a new position in shares of Shopify during the fourth quarter worth $10,603,000. Watershed Private Wealth LLC lifted its holdings in shares of Shopify by 4.0% during the fourth quarter. Watershed Private Wealth LLC now owns 13,713 shares of the software maker's stock worth $2,207,000 after purchasing an additional 528 shares during the period. Finally, FFG Partners LLC lifted its holdings in shares of Shopify by 0.7% during the fourth quarter. FFG Partners LLC now owns 50,646 shares of the software maker's stock worth $8,152,000 after purchasing an additional 360 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent research reports. Needham & Company LLC reiterated a "buy" rating and set a $180.00 price target on shares of Shopify in a report on Thursday, February 12th. UBS Group cut their price target on shares of Shopify from $165.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, February 12th. Bank of America lifted their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, December 17th. Citigroup reiterated a "buy" rating and set a $172.00 price target (down from $195.00) on shares of Shopify in a report on Friday, February 13th. Finally, Arete Research set a $175.00 price target on shares of Shopify in a report on Monday, February 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $162.70.

Shopify Stock Performance

Shares of SHOP stock opened at $114.97 on Tuesday. The company has a market cap of $149.93 billion, a P/E ratio of 123.62, a PEG ratio of 3.93 and a beta of 2.82. The stock has a 50 day simple moving average of $120.01 and a two-hundred day simple moving average of $144.62. Shopify Inc. has a fifty-two week low of $80.35 and a fifty-two week high of $182.19.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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