SEB Asset Management AB Takes $25.70 Million Position in Shopify Inc. $SHOP

Key Points

• SEB Asset Management AB opened a new position in Shopify during the first quarter, buying 217,311 shares valued at about $25.7 million.
• Institutional interest in Shopify remains strong, with hedge funds and other investors holding about 69.27% of the company’s shares.
• Wall Street sentiment is generally positive: Shopify has a Moderate Buy consensus rating, with a consensus price target of $157.58.

SEB Asset Management AB purchased a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 217,311 shares of the software maker's stock, valued at approximately $25,703,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares during the last quarter. AQR Capital Management LLC increased its position in Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock worth $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC raised its stake in Shopify by 6.6% during the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock worth $945,000 after purchasing an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new position in Shopify during the second quarter worth about $53,000. Finally, Main Street Financial Solutions LLC boosted its holdings in Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock valued at $1,284,000 after purchasing an additional 1,479 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of SHOP stock opened at $123.56 on Monday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The firm has a market cap of $160.34 billion, a PE ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58. The company has a 50-day moving average of $112.47 and a two-hundred day moving average of $123.35.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. UBS Group reissued a "neutral" rating on shares of Shopify in a research note on Thursday, May 28th. Jefferies Financial Group raised shares of Shopify from a "hold" rating to a "buy" rating and lifted their price target for the company from $140.00 to $160.00 in a research report on Sunday, July 12th. Morgan Stanley cut Shopify from an "overweight" rating to a "buy" rating in a report on Monday, July 13th. Needham & Company LLC reissued a "buy" rating and set a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. Finally, Susquehanna started coverage on Shopify in a research note on Friday, July 10th. They set a "neutral" rating for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.58.

About Shopify

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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