Transcend Capital Advisors LLC Acquires 5,307 Shares of Shopify Inc. (NYSE:SHOP)

Transcend Capital Advisors LLC boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 196.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,009 shares of the software maker's stock after buying an additional 5,307 shares during the quarter. Transcend Capital Advisors LLC's holdings in Shopify were worth $765,000 at the end of the most recent reporting period.

Other large investors have also 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. raised its holdings in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC raised its holdings in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors raised its holdings in Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SHOP shares. Mizuho reduced their price objective on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Oppenheimer reduced their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Barclays reduced their price objective on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Morgan Stanley raised their price objective on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Trading Up 0.5%

Shares of NYSE:SHOP opened at $113.65 on Friday. The stock's fifty day simple moving average is $103.68 and its two-hundred day simple moving average is $104.72. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock has a market cap of $147.45 billion, a PE ratio of 73.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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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