Oppenheimer & Co. Inc. Boosts Position in Shopify Inc. (NYSE:SHOP)

Oppenheimer & Co. Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 36.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,010 shares of the software maker's stock after acquiring an additional 9,916 shares during the period. Oppenheimer & Co. Inc.'s holdings in Shopify were worth $3,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Shopify during the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership raised its position in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP grew its position in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock traded down $0.82 on Thursday, hitting $113.07. 11,361,458 shares of the company's stock were exchanged, compared to its average volume of 9,317,212. The firm has a 50 day moving average price of $102.49 and a two-hundred day moving average price of $104.82. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market cap of $146.69 billion, a P/E ratio of 72.95, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

Several research firms have recently issued reports on SHOP. Royal Bank Of Canada lowered their price objective on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. DA Davidson raised their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Truist Financial cut their price objective on shares of Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research report on Tuesday, May 6th. KeyCorp reduced their target price on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Barclays dropped their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. One investment 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $115.66.

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.