TIAA Trust National Association Takes $14.46 Million Position in Shopify Inc. (NYSE:SHOP)

Key Points

• TIAA Trust National Association has acquired a new stake in Shopify Inc., purchasing 151,435 shares valued at approximately $14.46 million in the first quarter.
• Several institutional investors have also made recent purchases, with hedge funds collectively owning 69.27% of Shopify's stock.
• Wall Street analysts have raised their target prices for Shopify, with an average target now at $120.34 and a consensus rating of "Moderate Buy."

TIAA Trust National Association purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 151,435 shares of the software maker's stock, valued at approximately $14,459,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify during the 4th quarter valued at about $46,000. N.E.W. Advisory Services LLC purchased a new stake in Shopify in the 1st quarter worth approximately $49,000. FWL Investment Management LLC purchased a new stake in Shopify in the 4th quarter worth approximately $56,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Shopify in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SHOP shares. Robert W. Baird increased their target price on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Stifel Nicolaus increased their target price on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. KeyCorp increased their target price on shares of Shopify from $115.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $120.34.

Shopify Stock Down 3.0%

Shares of SHOP opened at $118.60 on Friday. The company has a market cap of $153.87 billion, a PE ratio of 76.52, a P/E/G ratio of 4.82 and a beta of 2.61. The business has a fifty day moving average of $113.90 and a 200 day moving average of $106.57. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

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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