Thoroughbred Financial Services LLC Has $10.90 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Thoroughbred Financial Services LLC increased its stake in Shopify by 3.6%, acquiring a total of 114,187 shares valued at approximately $10.9 million.
• Analysts have set a consensus price target of $120.34 for Shopify, with 22 buy ratings and only 1 sell rating among various analysts.
• Shopify's stock is currently trading at $125.21, reflecting a 5.6% increase, and has a market cap of $162.45 billion.

Thoroughbred Financial Services LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 114,187 shares of the software maker's stock after acquiring an additional 4,005 shares during the period. Thoroughbred Financial Services LLC's holdings in Shopify were worth $10,902,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Capital World Investors grew its position in shares of Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after acquiring an additional 496,982 shares during the last quarter. Capital International Investors grew its position in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. FIL Ltd grew its position in Shopify by 11.9% in the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock valued at $1,678,865,000 after buying an additional 1,682,326 shares in the last quarter. Mackenzie Financial Corp grew its position in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after buying an additional 979,598 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of NYSE SHOP traded down $3.83 during mid-day trading on Thursday, reaching $151.07. The company had a trading volume of 15,918,183 shares, compared to its average volume of 10,558,622. The stock has a fifty day moving average of $116.61 and a two-hundred day moving average of $107.55. The company has a market capitalization of $196.00 billion, a price-to-earnings ratio of 97.47, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $63.91 and a 12-month high of $156.85.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SHOP. Arete reiterated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. CIBC increased their target price on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. UBS Group upped their price target on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Robert W. Baird upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $143.69.

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.