Pittenger & Anderson Inc. Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Pittenger & Anderson Inc. raised its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,394 shares of the software maker's stock after purchasing an additional 2,443 shares during the period. Pittenger & Anderson Inc.'s holdings in Shopify were worth $5,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Capital World Investors lifted its stake in Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. increased its position in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the period. FMR LLC increased its position in Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares during the period. Capital International Investors increased its position 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 acquiring an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Shopify by 79.8% in 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 acquiring an additional 7,316,862 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SHOP. BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Cantor Fitzgerald restated a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. Mizuho decreased their price target on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. DA Davidson increased their price objective on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Finally, UBS Group decreased their price objective on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $115.66.

Shopify Stock Down 2.6%

NYSE SHOP traded down $3.05 during trading hours on Friday, reaching $112.11. 5,574,434 shares of the company were exchanged, compared to its average volume of 9,316,649. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The business's 50 day simple moving average is $107.86 and its 200-day simple moving average is $104.91. The stock has a market capitalization of $145.45 billion, a P/E ratio of 72.33, a P/E/G 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.