Shopify Inc. (NYSE:SHOP) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB has increased its stake in Shopify Inc. by 4.7% during the first quarter, acquiring an additional 7,600 shares, bringing its total holdings to 169,182 shares valued at approximately $16.14 million.
• Institutional investors and hedge funds collectively own 69.27% of Shopify's stock, indicating strong institutional confidence in the company.
• Recent price objectives for Shopify shares have been adjusted by various brokerages, with Jefferies Financial Group reducing its target from $130.00 to $110.00 and Benchmark lowering theirs from $150.00 to $125.00, showcasing mixed analyst sentiment.

Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 169,182 shares of the software maker's stock after buying an additional 7,600 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Shopify were worth $16,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Brighton Jones LLC grew its holdings in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares during the period. Prudential Financial Inc. grew its holdings in Shopify by 112.7% in the fourth quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker's stock worth $3,864,000 after purchasing an additional 19,242 shares during the period. Modern Wealth Management LLC purchased a new stake in Shopify in the fourth quarter worth about $266,000. Signature Estate & Investment Advisors LLC purchased a new stake in Shopify in the fourth quarter worth about $252,000. Finally, Sava Infond d.o.o. purchased a new stake in Shopify in the fourth quarter worth about $117,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent research reports. Arete restated a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. UBS Group restated a "hold" rating on shares of Shopify in a report on Friday, July 18th. National Bankshares upped their price objective on shares of Shopify from $120.00 to $140.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Wells Fargo & Company increased their price objective on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Benchmark lowered their price objective on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $120.34.

Shopify Stock Up 0.3%

Shares of NYSE SHOP traded up $0.36 during trading on Wednesday, hitting $125.21. The company had a trading volume of 1,870,822 shares, compared to its average volume of 10,344,681. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a fifty day simple moving average of $112.77 and a two-hundred day simple moving average of $106.18. The firm has a market capitalization of $162.45 billion, a price-to-earnings ratio of 80.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

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.