Assetmark Inc. boosted its stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,544 shares of the software maker’s stock after acquiring an additional 445 shares during the period. Assetmark Inc.’s holdings in Shopify were worth $937,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Sands Capital Management LLC increased its stake in shares of Shopify by 9.8% in the 4th quarter. Sands Capital Management LLC now owns 24,802,735 shares of the software maker’s stock valued at $860,903,000 after purchasing an additional 2,222,488 shares during the last quarter. ARK Investment Management LLC increased its stake in shares of Shopify by 5.3% in the 1st quarter. ARK Investment Management LLC now owns 13,985,791 shares of the software maker’s stock valued at $670,479,000 after purchasing an additional 706,688 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Shopify by 4.7% in the 4th quarter. Franklin Resources Inc. now owns 13,867,598 shares of the software maker’s stock valued at $481,378,000 after purchasing an additional 618,195 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Shopify by 0.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,018,056 shares of the software maker’s stock valued at $623,567,000 after purchasing an additional 85,400 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Shopify in the 4th quarter valued at $414,365,000. Institutional investors own 58.14% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on SHOP. Roth Mkm lifted their price target on Shopify from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Loop Capital cut their price objective on Shopify from $69.00 to $62.00 and set a “hold” rating on the stock in a report on Monday. The Goldman Sachs Group raised their price objective on Shopify from $59.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, August 3rd. Oppenheimer raised their price objective on Shopify from $70.00 to $80.00 in a report on Tuesday, June 20th. Finally, Citigroup raised their price objective on Shopify from $70.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $64.57.
Shopify Trading Up 2.3 %
Shopify stock opened at $56.47 on Friday. The business’s 50 day simple moving average is $63.54 and its 200 day simple moving average is $54.18. Shopify Inc. has a 12 month low of $23.63 and a 12 month high of $71.43. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.15.
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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