Strive Asset Management LLC Invests $908,000 in Shopify Inc. (NYSE:SHOP)

Strive Asset Management LLC acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,542 shares of the software maker's stock, valued at approximately $908,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SHOP. Fifth Third Wealth Advisors LLC purchased a new stake in Shopify during the fourth quarter worth $273,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Shopify by 45.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 862 shares of the software maker's stock worth $92,000 after buying an additional 271 shares in the last quarter. Tallon Kerry Patrick purchased a new position in Shopify during the fourth quarter valued at $230,000. Ritholtz Wealth Management lifted its holdings in Shopify by 10.9% during the fourth quarter. Ritholtz Wealth Management now owns 29,906 shares of the software maker's stock valued at $3,180,000 after purchasing an additional 2,951 shares in the last quarter. Finally, Empirical Asset Management LLC lifted its holdings in Shopify by 33.4% during the fourth quarter. Empirical Asset Management LLC now owns 5,170 shares of the software maker's stock valued at $550,000 after purchasing an additional 1,295 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP opened at $110.75 on Friday. The stock has a market capitalization of $143.40 billion, a P/E ratio of 71.45, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company's fifty day moving average is $94.30 and its two-hundred day moving average is $103.90.

Analysts Set New Price Targets

Several research firms have issued reports on SHOP. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. TD Securities increased their price objective on shares of Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Cantor Fitzgerald reduced their target price on shares of Shopify from $120.00 to $80.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

About Shopify

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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