Select Equity Group L.P. Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Select Equity Group L.P. lifted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 25.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,555,487 shares of the software maker's stock after purchasing an additional 723,369 shares during the quarter. Shopify accounts for 1.5% of Select Equity Group L.P.'s holdings, making the stock its 25th biggest holding. Select Equity Group L.P. owned approximately 0.28% of Shopify worth $378,055,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Allianz SE acquired a new stake in shares of Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC boosted its stake in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $39,000. Finally, Mather Group LLC. boosted its stake in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after purchasing an additional 184 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SHOP shares. Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Wedbush restated an "outperform" rating and issued a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. Cantor Fitzgerald dropped their price target on shares of Shopify from $120.00 to $80.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Shopify Trading Down 2.4%

Shares of SHOP stock traded down $2.67 on Tuesday, hitting $106.43. 8,290,534 shares of the stock were exchanged, compared to its average volume of 9,562,005. The firm has a market capitalization of $137.81 billion, a PE ratio of 68.66, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm's 50 day moving average is $94.55 and its two-hundred day moving average is $104.29.

Shopify Company 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.