Park Avenue Securities LLC Raises Position in Shopify Inc. (NYSE:SHOP)

Park Avenue Securities LLC boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,748 shares of the software maker's stock after acquiring an additional 2,470 shares during the quarter. Park Avenue Securities LLC's holdings in Shopify were worth $3,604,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SHOP. Capital World Investors lifted its position in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after acquiring an additional 781,162 shares during the period. FMR LLC boosted its position in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors grew its stake in Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after purchasing an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased 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 purchasing an additional 7,316,862 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 3.5%

Shares of SHOP traded down $3.79 during midday trading on Friday, reaching $105.42. The stock had a trading volume of 2,223,197 shares, compared to its average volume of 9,360,449. The company has a market capitalization of $136.51 billion, a price-to-earnings ratio of 68.12, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company's 50-day moving average is $98.07 and its 200 day moving average is $105.14. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. BMO Capital Markets assumed coverage on Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price on the stock. KeyCorp dropped 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. Phillip Securities downgraded shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. National Bankshares lowered their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.39.

Shopify 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.