Tidal Investments LLC Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Tidal Investments LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,259.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 53,068 shares of the software maker’s stock after acquiring an additional 49,164 shares during the quarter. Tidal Investments LLC’s holdings in Shopify were worth $5,643,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Capital World Investors lifted its position in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the period. Vanguard Group Inc. lifted its position in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the period. FMR LLC lifted its position in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Capital International Investors lifted its position in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Shopify by 79.8% in 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. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent analyst reports. Benchmark reduced their price objective on shares of Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. ATB Capital boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Atb Cap Markets upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group reduced their price objective on shares of Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $115.37.

Shopify Price Performance

Shares of SHOP opened at $106.43 on Wednesday. The company has a market capitalization of $137.81 billion, a price-to-earnings ratio of 68.66, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business’s 50-day moving average is $94.87 and its 200-day moving average is $104.30.

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.