OVERSEA CHINESE BANKING Corp Ltd Purchases 30,813 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly increased its stake in Shopify Inc. by 243.7%, acquiring an additional 30,813 shares, raising its total holdings to 43,457 shares valued at approximately $4.15 million.
• Several institutional investors have also boosted their investments in Shopify, with Jennison Associates LLC increasing its stake by 324.3%, now holding over 5.28 million shares valued at more than $504 million.
• Analysts have mixed opinions on Shopify's stock, with a consensus rating of "Moderate Buy" and an average price target of $120.34, reflecting varying expectations about the company's market performance.

OVERSEA CHINESE BANKING Corp Ltd grew its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 243.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,457 shares of the software maker's stock after buying an additional 30,813 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Shopify were worth $4,149,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SHOP. Jennison Associates LLC boosted its holdings in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after buying an additional 4,036,326 shares in the last quarter. Marshall Wace LLP boosted its stake in Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Durable Capital Partners LP boosted its stake in Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after purchasing an additional 1,836,294 shares in the last quarter. FIL Ltd boosted its stake in Shopify by 11.9% in the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after purchasing an additional 1,682,326 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Shopify in the 4th quarter worth approximately $166,811,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several research reports. BMO Capital Markets assumed coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective for the company. Barclays decreased their price objective 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. Arete restated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Scotiabank lifted their price objective on shares of Shopify from $90.00 to $115.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Finally, Needham & Company LLC assumed coverage on shares of Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price objective for the company. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Price Performance

NYSE SHOP opened at $118.60 on Friday. The firm's 50-day moving average is $113.90 and its two-hundred day moving average is $106.57. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market capitalization of $153.87 billion, a P/E ratio of 76.52, 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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.