Oak Ridge Investments LLC Purchases Shares of 42,923 Shopify Inc. $SHOP

Oak Ridge Investments LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 42,923 shares of the software maker’s stock, valued at approximately $6,909,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Knights of Columbus Asset Advisors LLC bought a new stake in Shopify in the third quarter valued at $4,110,000. Principal Financial Group Inc. increased its stake in Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after purchasing an additional 63,300 shares in the last quarter. Triton Financial Group Inc bought a new stake in Shopify in the third quarter valued at $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after purchasing an additional 62,743 shares in the last quarter. Finally, TriaGen Wealth Management LLC bought a new stake in Shopify in the third quarter valued at $2,562,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $114.97 on Tuesday. Shopify Inc. has a 52-week low of $80.35 and a 52-week high of $182.19. The company has a 50-day simple moving average of $120.01 and a two-hundred day simple moving average of $144.62. The company has a market capitalization of $149.93 billion, a price-to-earnings ratio of 123.62, a PEG ratio of 3.93 and a beta of 2.82.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. KeyCorp reissued an “overweight” rating and set a $160.00 target price on shares of Shopify in a research report on Wednesday, February 11th. TD Securities raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research report on Thursday, February 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $126.00 target price (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Piper Sandler assumed coverage on shares of Shopify in a research report on Thursday, March 12th. They set an “overweight” rating and a $165.00 target price for the company. Finally, DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $162.70.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.