Fred Alger Management LLC Has $2.82 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Fred Alger Management LLC lowered its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 92.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,519 shares of the software maker's stock after selling 339,180 shares during the period. Fred Alger Management LLC's holdings in Shopify were worth $2,820,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Tidemark LLC increased its stake in Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares in the last quarter. Howland Capital Management LLC boosted its holdings in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock worth $526,000 after buying an additional 99 shares during the period. Trust Co. of Vermont increased its position in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock worth $118,000 after acquiring an additional 100 shares in the last quarter. First United Bank & Trust boosted its stake in Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after purchasing an additional 100 shares during the period. Finally, Mark Sheptoff Financial Planning LLC grew its position in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. Evercore ISI upped their price target on Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Scotiabank dropped their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. DA Davidson cut their target price on shares of Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 14th. National Bankshares dropped their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

Shopify Stock Up 3.2%

Shopify stock traded up $3.34 during trading hours on Tuesday, hitting $107.68. The stock had a trading volume of 14,506,315 shares, compared to its average volume of 9,230,287. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market cap of $139.43 billion, a PE ratio of 69.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The company has a 50-day moving average of $93.25 and a two-hundred day moving average of $103.23.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.