K2 Principal Fund L.P. purchased a new position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 11,000 shares of the software maker’s stock, valued at approximately $727,000.
Other hedge funds have also recently modified their holdings of the company. DSM Capital Partners LLC purchased a new stake in Shopify in the fourth quarter worth about $28,000. Jones Financial Companies Lllp bought a new stake in Shopify during the 4th quarter worth approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Shopify in the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the second quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A bought a new stake in shares of Shopify during the 4th quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.
Shopify Trading Up 1.8 %
SHOP opened at $80.11 on Tuesday. The company has a market cap of $103.24 billion, a P/E ratio of -471.24, a PEG ratio of 2.47 and a beta of 2.35. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The business’s 50-day simple moving average is $68.72 and its 200-day simple moving average is $68.37.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on SHOP shares. UBS Group boosted their price objective on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Morgan Stanley boosted their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and raised their price target for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group raised their price objective on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.
Get Our Latest Stock Analysis on SHOP
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.
Featured Stories
- Five stocks we like better than Shopify
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- Workday’s Next-Gen AI Integration: Perfect Time to Buy the Dip?
- What is the FTSE 100 index?
- Seize the Growth: Twilio’s AI Innovations Are Driving Huge Upside
- Stock Ratings and Recommendations: Understanding Analyst Ratings
- Rate Cut Shockwaves: Which Bank Stocks Will Rise or Fall?
Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP).
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.