Pinnacle Associates Ltd. Purchases 7,602 Shares of Shopify Inc. (NYSE:SHOP)

by · The Cerbat Gem

Pinnacle Associates Ltd. grew its holdings in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 172.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,023 shares of the software maker’s stock after buying an additional 7,602 shares during the period. Pinnacle Associates Ltd.’s holdings in Shopify were worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Allianz SE bought a new stake in Shopify during the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the fourth quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify in the 4th quarter worth approximately $46,000. FWL Investment Management LLC purchased a new stake in shares of Shopify in the 4th quarter worth approximately $56,000. Finally, Clean Yield Group increased its position in Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker’s stock valued at $56,000 after buying an additional 218 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on SHOP. Oppenheimer dropped their target price on Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Jefferies Financial Group cut their price objective on shares of Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Stifel Nicolaus raised their price objective on shares of Shopify from $100.00 to $110.00 and gave the company a “hold” rating in a research note on Tuesday, July 15th. Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday, July 14th. They issued a “buy” rating and a $135.00 target price on the stock. Finally, Scotiabank reduced their price target on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a research report on Monday, April 28th. One research 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $119.16.

View Our Latest Stock Report on Shopify

Shopify Stock Up 1.9%

NYSE:SHOP opened at $124.43 on Monday. The business’s 50-day simple moving average is $112.05 and its two-hundred day simple moving average is $105.89. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The stock has a market cap of $161.43 billion, a PE ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61.

About Shopify

(Free Report)

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.

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