Tobam Has $54,000 Stake in Shopify Inc. (NYSE:SHOP)

Tobam lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 565 shares of the software maker’s stock after selling 14,217 shares during the period. Tobam’s holdings in Shopify were worth $54,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Norges Bank acquired a new position in shares of Shopify in the 4th quarter worth approximately $1,542,262,000. 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. Alliancebernstein L.P. lifted its position in shares of Shopify by 631.3% in 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 position in shares of Shopify by 623.8% in 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 lifted 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 purchasing an additional 1,836,294 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SHOP. Cantor Fitzgerald reiterated a “neutral” rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday. Atb Cap Markets upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 8th. Barclays dropped their target price on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. Finally, Oppenheimer dropped their target price on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. One equities research 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.39.

Shopify Stock Performance

SHOP opened at $105.34 on Friday. The firm has a market cap of $136.40 billion, a P/E ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. The firm has a 50-day moving average of $98.64 and a 200 day moving average of $105.09. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

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.