Shopify Inc. $SHOP Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,495,964 shares of the software maker’s stock after buying an additional 159,873 shares during the quarter. Bank of New York Mellon Corp’s holdings in Shopify were worth $414,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Shopify in the fourth quarter worth about $2,611,797,000. Sands Capital Management LLC boosted its holdings in shares of Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after acquiring an additional 2,568,765 shares during the last quarter. Invesco Ltd. increased its stake in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after acquiring an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. raised its holdings in shares of Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after purchasing an additional 1,079,494 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 1.2%

Shares of NASDAQ SHOP opened at $123.56 on Friday. The firm has a 50-day simple moving average of $112.47 and a 200-day simple moving average of $123.66. The stock has a market capitalization of $160.34 billion, a price-to-earnings ratio of 122.34, a price-to-earnings-growth ratio of 2.71 and a beta of 2.58. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research reports. Citizens Jmp decreased their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. DA Davidson dropped their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Canaccord Genuity Group cut their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

About Shopify

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.