Shopify Inc. (NYSE:SHOP) Shares Acquired by R Squared Ltd

Key Points

• R Squared Ltd increased its stake in Shopify Inc. by 476.8% during the first quarter, acquiring a total of 6,922 shares valued at approximately $661,000.
• Recent analyst reports have resulted in varied price targets for Shopify, with DA Davidson raising its target to $125.00 while Goldman Sachs lowered it to $130.00, showing a consensus rating of "Moderate Buy" with an average price target of $120.34.
• Shopify's stock performance has shown significant volatility, with a one-year low of $48.56 and a high of $129.38, alongside a current market cap of $153.87 billion.

R Squared Ltd raised its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 476.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,922 shares of the software maker's stock after acquiring an additional 5,722 shares during the period. R Squared Ltd's holdings in Shopify were worth $661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SHOP. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Shopify during the 4th quarter valued at approximately $46,000. N.E.W. Advisory Services LLC bought a new position in shares of Shopify during the 1st quarter valued at approximately $49,000. FWL Investment Management LLC bought a new position in shares of Shopify during the 4th quarter valued at approximately $56,000. Finally, Clean Yield Group grew its stake in shares of Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock valued at $56,000 after acquiring an additional 218 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock traded up $6.61 during mid-day trading on Monday, reaching $125.21. The company had a trading volume of 6,873,442 shares, compared to its average volume of 10,339,145. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $162.45 billion, a price-to-earnings ratio of 80.78, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm has a fifty day simple moving average of $113.90 and a 200 day simple moving average of $106.60.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Finally, DA Davidson increased their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target of $120.34.

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.