Oppenheimer Asset Management Inc. Has $34.88 Million Position in Shopify Inc. (NYSE:SHOP)

Oppenheimer Asset Management Inc. grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 13.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 365,276 shares of the software maker's stock after purchasing an additional 44,442 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Shopify were worth $34,877,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. LRI Investments LLC grew its position in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after buying an additional 79 shares during the last quarter. Tidemark LLC raised its position in shares of Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Seven Mile Advisory lifted its holdings in shares of Shopify by 2.3% in the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after purchasing an additional 114 shares during the last quarter. Finally, Accurate Wealth Management LLC boosted its position in Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after purchasing an additional 131 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. BMO Capital Markets assumed coverage on shares of Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price target for the company. Benchmark dropped their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Jefferies Financial Group lowered their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Stock Performance

NYSE:SHOP traded down $0.82 during trading hours on Thursday, hitting $113.07. 11,364,688 shares of the company's stock traded hands, compared to its average volume of 9,326,901. The stock's fifty day moving average price is $103.08 and its two-hundred day moving average price is $104.80. The firm has a market cap of $146.69 billion, a P/E ratio of 72.95, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

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.