OLD National Bancorp IN increased its position in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 38.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,456 shares of the software maker’s stock after acquiring an additional 2,917 shares during the quarter. OLD National Bancorp IN’s holdings in Shopify were worth $501,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Boyd Watterson Asset Management LLC OH increased its holdings in Shopify by 8.1% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 26,328 shares of the software maker’s stock worth $1,262,000 after acquiring an additional 1,964 shares in the last quarter. Brookstone Capital Management increased its holdings in Shopify by 3.0% in the 1st quarter. Brookstone Capital Management now owns 7,902 shares of the software maker’s stock worth $383,000 after acquiring an additional 231 shares in the last quarter. WMG Financial Advisors LLC increased its holdings in Shopify by 4.4% in the 1st quarter. WMG Financial Advisors LLC now owns 21,150 shares of the software maker’s stock worth $1,014,000 after acquiring an additional 900 shares in the last quarter. Allworth Financial LP increased its holdings in Shopify by 6.4% in the 1st quarter. Allworth Financial LP now owns 10,153 shares of the software maker’s stock worth $487,000 after acquiring an additional 611 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC bought a new position in Shopify in the 1st quarter worth approximately $478,000. 58.14% of the stock is owned by hedge funds and other institutional investors.
Shopify Stock Performance
Shares of Shopify stock opened at $64.83 on Tuesday. The firm has a market cap of $82.76 billion, a P/E ratio of -42.93 and a beta of 2.03. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.11. Shopify Inc. has a 12 month low of $23.63 and a 12 month high of $67.36. The stock’s fifty day moving average price is $59.77 and its 200-day moving average price is $49.05.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on SHOP shares. 92 Resources restated a “maintains” rating on shares of Shopify in a research note on Tuesday, May 9th. Needham & Company LLC started coverage on Shopify in a research note on Tuesday, April 11th. They issued a “hold” rating for the company. Credit Suisse Group upped their price target on Shopify from $40.00 to $53.00 in a research note on Friday, May 5th. 888 restated a “maintains” rating on shares of Shopify in a research note on Tuesday, May 9th. Finally, Robert W. Baird upped their price target on Shopify from $55.00 to $65.00 in a research note on Friday, May 5th. Two research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $56.20.
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, 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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