Shopify Inc. (NYSE:SHOP) Shares Bought by Ballast Advisors LLC

Ballast Advisors LLC raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.9% in the 1st quarter, Holdings Channel reports. The fund owned 2,308 shares of the software maker’s stock after acquiring an additional 245 shares during the period. Ballast Advisors LLC’s holdings in Shopify were worth $220,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in SHOP. Brighton Jones LLC lifted its stake in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the period. Prudential Financial Inc. lifted its stake in shares of Shopify by 112.7% in the 4th quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker’s stock worth $3,864,000 after acquiring an additional 19,242 shares during the period. Modern Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter worth $266,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Shopify in the 4th quarter worth $299,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Shopify by 3.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 57,051 shares of the software maker’s stock valued at $6,068,000 after purchasing an additional 1,664 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $124.43 on Friday. The company’s 50 day simple moving average is $112.05 and its 200 day simple moving average is $105.90. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock has a market capitalization of $161.43 billion, a PE ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SHOP shares. Wedbush reiterated an “outperform” rating and issued a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Arete Research upgraded shares of Shopify to a “hold” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 14th. JPMorgan Chase & Co. cut their price target on shares of Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $91.00 price target on shares of Shopify in a report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.16.

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.