Oppenheimer Asset Management Inc. lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 13.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 365,276 shares of the software maker's stock after buying an additional 44,442 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Shopify were worth $34,877,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also made changes to their positions in SHOP. Tallon Kerry Patrick bought a new stake in shares of Shopify in the fourth quarter valued at approximately $230,000. Brighton Jones LLC boosted its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after buying an additional 584 shares during the period. Sigma Planning Corp boosted its stake in shares of Shopify by 3.0% in the fourth quarter. Sigma Planning Corp now owns 16,410 shares of the software maker's stock valued at $1,745,000 after buying an additional 471 shares during the period. Olympiad Research LP bought a new stake in shares of Shopify in the fourth quarter valued at approximately $321,000. Finally, Wealthspire Advisors LLC boosted its stake in shares of Shopify by 3.9% in the fourth quarter. Wealthspire Advisors LLC now owns 14,677 shares of the software maker's stock valued at $1,561,000 after buying an additional 545 shares during the period. 69.27% of the stock is currently owned by institutional investors.
Shopify Stock Up 3.4%
SHOP stock traded up $3.58 during mid-day trading on Monday, hitting $109.98. The company had a trading volume of 8,802,046 shares, compared to its average volume of 9,304,652. The company has a market capitalization of $142.69 billion, a price-to-earnings ratio of 70.96, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a 50-day moving average price of $101.28 and a 200 day moving average price of $104.69.
Analyst Ratings Changes
Several equities research analysts recently issued reports on SHOP shares. JPMorgan Chase & Co. cut their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Scotiabank cut their target price on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. Oppenheimer cut their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Loop Capital cut their target price on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $115.66.
Read Our Latest Stock Analysis on Shopify
About Shopify
(
Free Report)
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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