Sustainable Growth Advisers LP Has $10.99 Million Stake in Shopify Inc. (NYSE:SHOP)

Sustainable Growth Advisers LP raised its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,085 shares of the software maker's stock after acquiring an additional 8,306 shares during the quarter. Sustainable Growth Advisers LP's holdings in Shopify were worth $10,988,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Allianz SE acquired a new position in shares of Shopify in the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify during the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the 4th quarter valued at approximately $46,000. Finally, FWL Investment Management LLC bought a new stake in shares of Shopify during the 4th quarter valued at approximately $56,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Down 3.5%

Shares of SHOP stock traded down $4.53 during trading hours on Tuesday, hitting $123.90. 4,616,315 shares of the company's stock were exchanged, compared to its average volume of 9,258,913. The firm has a market cap of $160.75 billion, a P/E ratio of 79.93, a P/E/G ratio of 4.82 and a beta of 2.61. The firm has a 50 day moving average of $110.52 and a two-hundred day moving average of $105.37. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a report on Monday, May 5th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" 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 note on Monday, May 5th. Finally, Benchmark reduced their target price on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average target price of $119.16.

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.

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