Strive Asset Management LLC Buys Shares of 8,542 Shopify Inc. (NYSE:SHOP)

Strive Asset Management LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, HoldingsChannel.com reports. The fund bought 8,542 shares of the software maker’s stock, valued at approximately $908,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. FMR LLC increased its stake in shares of Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares during the last quarter. Capital International Investors increased its stake in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased 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 valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. KeyCorp dropped their target price on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Truist Financial dropped their target price on shares of Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a research report on Tuesday, May 6th. Finally, BNP Paribas downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.37.

Shopify Stock Performance

Shares of SHOP opened at $110.75 on Friday. The firm has a market capitalization of $143.40 billion, a price-to-earnings ratio of 71.45, a price-to-earnings-growth 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 stock’s fifty day moving average is $94.30 and its 200-day moving average is $103.90.

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, 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.