Thurston Springer Miller Herd & Titak Inc. Purchases 7,128 Shares of Shopify Inc. (NYSE:SHOP)

Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 826.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,990 shares of the software maker's stock after purchasing an additional 7,128 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.'s holdings in Shopify were worth $762,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. FMR LLC increased its stake in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares in the last quarter. Capital International Investors increased its stake in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 1.4%

Shares of SHOP opened at $105.03 on Friday. The business's 50-day moving average price is $95.74 and its 200-day moving average price is $105.00. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $136.00 billion, a PE ratio of 67.76, a P/E/G ratio of 4.82 and a beta of 2.66.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. Wells Fargo & Company lifted their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. National Bankshares reduced their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Canaccord Genuity Group lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research report on Monday, May 5th. Finally, Royal Bank of Canada reduced their price target on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target 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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