Rathbones Group PLC Buys 109,078 Shares of Shopify Inc. $SHOP

Key Points

• Rathbones Group increased its Shopify stake by 7.8% in the first quarter, purchasing 109,078 additional shares for a total of 1.51 million shares valued at approximately $179.2 million.
• Institutional investors own 69.27% of Shopify, while the stock recently traded at $117.15, near its 50-day moving average and below its 12-month high of $182.19.
• Analysts maintain a generally positive view, with Shopify receiving a consensus “Moderate Buy” rating and an average price target of $157.69, despite some recent target-price reductions and neutral or downgraded ratings.

Rathbones Group PLC raised its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 7.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,510,859 shares of the software maker's stock after buying an additional 109,078 shares during the period. Rathbones Group PLC owned 0.12% of Shopify worth $179,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the 4th quarter valued at $26,000. Curio Wealth LLC bought a new position in Shopify in the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify in the fourth quarter valued at about $29,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Shopify during the fourth quarter valued at about $31,000. Finally, Sound Income Strategies LLC boosted its position in Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after buying an additional 89 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP opened at $117.15 on Monday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company has a fifty day moving average of $116.58 and a 200-day moving average of $120.34. The stock has a market cap of $152.02 billion, a PE ratio of 115.99, a price-to-earnings-growth ratio of 2.53 and a beta of 2.58.

Analyst Ratings Changes

A number of brokerages have recently commented on SHOP. Weiss Ratings lowered shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, May 6th. Piper Sandler restated an "overweight" rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. UBS Group reaffirmed a "neutral" rating on shares of Shopify in a research report on Thursday, May 28th. Robert W. Baird set a $150.00 target price on Shopify in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Shopify in a research report on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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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