Shopify Inc. (NYSE:SHOP) Shares Bought by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI increased its holdings in Shopify by 12.0%, acquiring an additional 2,669 shares, bringing its total to 24,897 shares worth approximately $2.38 million.
• Shopify stock experienced a significant 22.0% increase, reaching a price of $154.90 per share, with a 52-week range of $63.55 to $156.39.
• Analysts have varied opinions on Shopify; while BNP Paribas downgraded the stock to a "hold," several firms including Wells Fargo and Oppenheimer set target prices as high as $145.00 and maintained "buy" or "outperform" ratings.

Citizens Financial Group Inc. RI grew its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,897 shares of the software maker's stock after acquiring an additional 2,669 shares during the period. Citizens Financial Group Inc. RI's holdings in Shopify were worth $2,377,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co raised its position in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the 4th quarter valued at about $46,000. Finally, Accent Capital Management LLC acquired a new stake in Shopify in the 1st quarter worth about $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SHOP. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. DA Davidson boosted 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. Wells Fargo & Company raised their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. KeyCorp lifted their target price on shares of Shopify from $115.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $145.00 target price (up previously from $125.00) on shares of Shopify in a report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $120.74.

Shopify Stock Up 22.0%

Shopify stock opened at $154.90 on Thursday. Shopify Inc. has a 52-week low of $63.55 and a 52-week high of $156.39. The firm has a market cap of $200.96 billion, a PE ratio of 99.94, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company's 50 day moving average is $115.74 and its two-hundred day moving average is $107.22.

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.

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