Pinnacle Associates Ltd. Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Pinnacle Associates Ltd. increased its stake in Shopify by 172% during the first quarter, accumulating a total of 12,023 shares valued at approximately $1.15 million.
• A variety of institutional investors also purchased new positions in Shopify, reflecting significant interest, with 69.27% of the company's stock owned by hedge funds and other institutions.
• Shopify's stock received multiple upgrades from analysts, with a current consensus rating of "Moderate Buy" and an average price target of $119.16.

Pinnacle Associates Ltd. raised its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 172.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,023 shares of the software maker's stock after buying an additional 7,602 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Shopify were worth $1,148,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Allianz SE purchased a new stake in shares of Shopify during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the 4th quarter valued at $46,000. FWL Investment Management LLC purchased a new stake in Shopify during the 4th quarter worth about $56,000. Finally, Clean Yield Group boosted its stake in Shopify by 59.9% in the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

SHOP has been the topic of several analyst reports. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. DA Davidson upped their target price on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada boosted their price target on shares of Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Finally, Barclays decreased their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $119.16.

Shopify Trading Up 1.9%

Shares of Shopify stock opened at $124.43 on Monday. The company's fifty day simple moving average is $112.05 and its two-hundred day simple moving average is $105.89. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $161.43 billion, a P/E ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61.

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.

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.