OVERSEA CHINESE BANKING Corp Ltd Buys 102,328 Shares of Shopify Inc. (NYSE:SHOP)

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 809.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,972 shares of the software maker's stock after purchasing an additional 102,328 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Shopify were worth $10,978,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Apollon Wealth Management LLC raised its position in shares of Shopify by 6.3% during the first quarter. Apollon Wealth Management LLC now owns 125,549 shares of the software maker's stock valued at $11,987,000 after buying an additional 7,411 shares during the last quarter. Sigma Planning Corp grew its position in Shopify by 36.9% in the first quarter. Sigma Planning Corp now owns 22,471 shares of the software maker's stock worth $2,145,000 after acquiring an additional 6,061 shares in the last quarter. Left Brain Wealth Management LLC raised its position in Shopify by 16.8% during the first quarter. Left Brain Wealth Management LLC now owns 38,698 shares of the software maker's stock valued at $3,695,000 after purchasing an additional 5,566 shares during the period. LRI Investments LLC raised its position in Shopify by 33.3% during the first quarter. LRI Investments LLC now owns 1,185 shares of the software maker's stock valued at $113,000 after purchasing an additional 296 shares during the period. Finally, Greatmark Investment Partners Inc. bought a new stake in shares of Shopify in the 1st quarter valued at approximately $298,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Needham & Company LLC started coverage on shares of Shopify in a report on Monday. They issued a "buy" rating and a $135.00 target price for the company. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a report on Monday, May 5th. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group reduced their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, UBS Group reduced their target price on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $115.63.

Shopify Stock Performance

SHOP traded down $1.69 during trading on Tuesday, reaching $115.05. The stock had a trading volume of 5,435,129 shares, compared to its average volume of 9,304,832. The business has a 50-day moving average of $108.23 and a 200-day moving average of $104.93. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $149.26 billion, a PE ratio of 74.23, a PEG ratio of 4.82 and a beta of 2.61.

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.