Park Avenue Securities LLC Has $3.60 Million Position in Shopify Inc. (NYSE:SHOP)

Park Avenue Securities LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 37,748 shares of the software maker’s stock after purchasing an additional 2,470 shares during the period. Park Avenue Securities LLC’s holdings in Shopify were worth $3,604,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Yarbrough Capital LLC grew its holdings in Shopify by 12.9% during the 1st quarter. Yarbrough Capital LLC now owns 110,020 shares of the software maker’s stock worth $10,505,000 after acquiring an additional 12,540 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Shopify by 58.7% in the first quarter. Revolve Wealth Partners LLC now owns 13,027 shares of the software maker’s stock worth $1,244,000 after acquiring an additional 4,818 shares during the last quarter. Clean Yield Group lifted its position in shares of Shopify by 59.9% during the first quarter. Clean Yield Group now owns 582 shares of the software maker’s stock worth $56,000 after purchasing an additional 218 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Shopify by 3.8% during the first quarter. Sivia Capital Partners LLC now owns 7,684 shares of the software maker’s stock worth $734,000 after purchasing an additional 281 shares in the last quarter. Finally, Fiduciary Planning LLC grew its stake in shares of Shopify by 50.8% during the first quarter. Fiduciary Planning LLC now owns 8,931 shares of the software maker’s stock valued at $853,000 after purchasing an additional 3,010 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP opened at $107.80 on Tuesday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market capitalization of $139.58 billion, a PE ratio of 69.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business’s 50-day simple moving average is $96.16 and its 200-day simple moving average is $105.05.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHOP. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Benchmark dropped their target price on Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Robert W. Baird upped their price target on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Finally, Scotiabank dropped their price objective on Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.11.

Shopify 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.