Griffin Asset Management Inc. Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Griffin Asset Management Inc. lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,325 shares of the software maker’s stock after buying an additional 400 shares during the period. Griffin Asset Management Inc.’s holdings in Shopify were worth $1,559,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter worth approximately $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after purchasing an additional 3,849,796 shares during the period. Marshall Wace LLP lifted its stake in shares of Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after purchasing an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP raised its position in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock worth $420,041,000 after buying an additional 1,836,294 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE SHOP opened at $105.34 on Friday. The stock has a market capitalization of $136.40 billion, a P/E ratio of 67.96, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The business’s fifty day moving average is $98.64 and its two-hundred day moving average is $105.09.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wells Fargo & Company increased their target price on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Scotiabank dropped their target price on Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a research report on Monday, April 28th. Phillip Securities downgraded Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Benchmark decreased their price target on Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Barclays decreased their target price on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $115.39.

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.