Zions Bancorporation National Association UT Makes New $167,000 Investment in Shopify Inc. (NYSE:SHOP)

Key Points

• Zions Bancorporation National Association UT made a new investment in Shopify Inc. during the first quarter, acquiring 1,751 shares valued at approximately $167,000.
• Analysts have recently adjusted Shopify's price targets, with TD Securities increasing it from $145 to $170 and CIBC raising it from $145 to $185, while noting a mix of ratings from "buy" to "hold."
• As of now, 69.27% of Shopify's stock is owned by hedge funds and institutional investors, showcasing significant institutional interest in the company.

Zions Bancorporation National Association UT bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 1,751 shares of the software maker's stock, valued at approximately $167,000.

Several other hedge funds have also recently made changes to their positions in SHOP. Capital World Investors lifted its stake in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. raised its holdings in Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after buying an additional 882,168 shares during the period. Capital International Investors boosted its stake in Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after buying an additional 968,026 shares during the period. Mackenzie Financial Corp increased its position in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after acquiring an additional 979,598 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 1.0%

Shares of SHOP opened at $149.61 on Monday. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The stock has a fifty day moving average price of $117.50 and a 200-day moving average price of $107.87. The firm has a market cap of $194.10 billion, a PE ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

A number of equities analysts recently commented on SHOP shares. TD Securities lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday. CIBC boosted their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday. BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group increased their target price on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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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