UNIVEST FINANCIAL Corp Invests $203,000 in Shopify Inc. (NYSE:SHOP)

Key Points

• UNIVEST FINANCIAL Corp invested approximately $203,000 in Shopify Inc. by acquiring 2,130 shares in the first quarter.
• Shopify's stock has seen recent analyst activity, with target price changes ranging from $110.00 to $135.00 and ratings from "hold" to "buy."
• Currently, 69.27% of Shopify's stock is owned by institutional investors, indicating strong interest from large financial entities.

UNIVEST FINANCIAL Corp bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,130 shares of the software maker's stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Shopify during the 4th quarter worth about $46,000. N.E.W. Advisory Services LLC acquired a new position in shares of Shopify during the 1st quarter worth about $49,000. FWL Investment Management LLC acquired a new position in Shopify in the 4th quarter valued at approximately $56,000. Finally, Clean Yield Group raised its holdings in Shopify by 59.9% in the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock valued at $56,000 after acquiring an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP traded up $0.62 during trading on Thursday, reaching $155.52. The stock had a trading volume of 3,146,219 shares, compared to its average volume of 10,465,806. The stock has a market cap of $201.77 billion, a PE ratio of 99.76, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $63.91 and a one year high of $156.39. The business has a 50-day moving average of $115.74 and a 200-day moving average of $107.22.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a report on Monday, May 5th. Barclays upped their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday. Needham & Company LLC began coverage on Shopify in a research report on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective on the stock. Benchmark reissued a "buy" rating and issued a $140.00 price target (up previously from $125.00) on shares of Shopify in a research note on Tuesday. Finally, Citigroup reissued an "outperform" rating on shares of Shopify in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $125.76.

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.