Shopify Inc. (NYSE:SHOP) Shares Acquired by Bessemer Group Inc.

Bessemer Group Inc. increased its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,059,585 shares of the software maker's stock after buying an additional 38,616 shares during the period. Bessemer Group Inc. owned 0.08% of Shopify worth $101,163,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LRI Investments LLC grew its holdings in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Tidemark LLC increased its holdings in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock valued at $276,000 after buying an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC increased its holdings in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the period. Seven Mile Advisory raised its stake in Shopify by 2.3% in the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after buying an additional 114 shares in the last quarter. Finally, Accurate Wealth Management LLC lifted its holdings in Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after buying an additional 131 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 1.6%

Shares of NYSE SHOP traded up $1.82 during midday trading on Friday, reaching $114.89. 1,980,578 shares of the stock were exchanged, compared to its average volume of 9,298,247. The firm has a market cap of $149.06 billion, a price-to-earnings ratio of 74.17, a PEG ratio of 4.82 and a beta of 2.63. The firm has a 50-day simple moving average of $103.08 and a two-hundred day simple moving average of $104.80. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Atb Cap Markets upgraded shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. The Goldman Sachs Group cut their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, Truist Financial reduced their price objective on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

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.