Simon Quick Advisors LLC Buys New Stake in Shopify Inc. (NYSE:SHOP)

Simon Quick Advisors LLC acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,498 shares of the software maker’s stock, valued at approximately $334,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Tallon Kerry Patrick purchased a new position in Shopify in the fourth quarter valued at $230,000. Brighton Jones LLC increased its holdings in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after buying an additional 584 shares in the last quarter. Van ECK Associates Corp increased its holdings in Shopify by 18.2% in the fourth quarter. Van ECK Associates Corp now owns 49,444 shares of the software maker’s stock valued at $5,258,000 after buying an additional 7,615 shares in the last quarter. First Merchants Corp increased its stake in shares of Shopify by 9.3% during the fourth quarter. First Merchants Corp now owns 3,311 shares of the software maker’s stock worth $352,000 after purchasing an additional 281 shares in the last quarter. Finally, Chevy Chase Trust Holdings LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $213,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $105.34 on Friday. The firm’s 50 day moving average price is $98.64 and its 200-day moving average price is $105.04. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm has a market cap 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.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SHOP. Royal Bank of Canada cut their target price on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Jefferies Financial Group cut their target price on shares of Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, May 5th. The Goldman Sachs Group cut their target price 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. BMO Capital Markets began coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an “outperform” rating and a $120.00 target price for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $91.00 target price on shares of Shopify in a research note on Wednesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.39.

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.