Lazard Asset Management LLC Buys 244,125 Shares of Shopify Inc. $SHOP

Lazard Asset Management LLC increased its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 140.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 417,786 shares of the software maker’s stock after acquiring an additional 244,125 shares during the period. Lazard Asset Management LLC’s holdings in Shopify were worth $49,582,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Kingdom Financial Group LLC. bought a new stake in shares of Shopify in the 4th quarter worth about $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $27,000. Evolution Wealth Management Inc. increased its position in shares of Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after purchasing an additional 155 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify during the 4th quarter valued at about $29,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify during the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BTIG Research started coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “buy” rating on the stock. Barclays set a $126.00 target price on shares of Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Stifel Nicolaus set a $150.00 target price on Shopify and gave the stock a “buy” rating in a report on Thursday, July 9th. UBS Group restated a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. Finally, Morgan Stanley lowered Shopify from an “overweight” rating to a “buy” rating in a research report on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.69.

Shopify Stock Up 11.5%

Shares of NASDAQ SHOP opened at $126.88 on Tuesday. The firm’s 50-day simple moving average is $114.88 and its 200 day simple moving average is $121.52. The company has a market cap of $164.65 billion, a price-to-earnings ratio of 125.63, a price-to-earnings-growth ratio of 2.45 and a beta of 2.58. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

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.