Quantinno Capital Management LP Has $26.30 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• Quantinno Capital Management increased its Shopify stake by 10.4% in the first quarter, acquiring 20,879 additional shares for a total of 221,747 shares valued at approximately $26.3 million.
• Institutional investors and hedge funds own 69.27% of Shopify’s stock, while several smaller wealth-management firms recently initiated or expanded positions.
• Shopify shares opened at $117.15, compared with a 52-week range of $94.00 to $182.19. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $157.69.

Quantinno Capital Management LP raised its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 221,747 shares of the software maker's stock after acquiring an additional 20,879 shares during the period. Quantinno Capital Management LP's holdings in Shopify were worth $26,304,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of SHOP. Kingdom Financial Group LLC. bought a new stake in shares of Shopify in the fourth quarter worth $26,000. Curio Wealth LLC bought a new position in Shopify in the fourth quarter valued at $27,000. Evolution Wealth Management Inc. increased its stake in Shopify by 203.9% in the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker's stock valued at $27,000 after buying an additional 155 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Shopify in the 4th quarter valued at $29,000. Finally, Lodestone Wealth Management LLC bought a new stake in Shopify during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP stock opened at $117.15 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The stock has a market cap of $152.02 billion, a price-to-earnings ratio of 115.99, a PEG ratio of 2.64 and a beta of 2.58. The firm's 50-day moving average is $116.58 and its 200-day moving average is $120.67.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SHOP shares. Benchmark restated a "buy" rating on shares of Shopify in a research note on Wednesday. Citigroup lowered their target price on Shopify from $156.00 to $150.00 and set a "buy" rating on the stock in a research report on Friday, July 24th. Morgan Stanley lowered Shopify from an "overweight" rating to a "buy" rating in a report on Monday, July 13th. Piper Sandler restated an "overweight" rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $157.69.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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