Assenagon Asset Management S.A. Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Assenagon Asset Management S.A. lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,732 shares of the software maker’s stock after buying an additional 432 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Shopify were worth $3,694,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LRI Investments LLC raised its position in shares of Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after buying an additional 79 shares in the last quarter. Tidemark LLC raised its position in shares of Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after buying an additional 90 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Seven Mile Advisory raised its position in shares of Shopify by 2.3% in the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker’s stock worth $539,000 after buying an additional 114 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its position in shares of Shopify by 4.0% in the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker’s stock worth $325,000 after buying an additional 131 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $105.34 on Monday. The stock’s 50 day simple moving average is $98.64 and its two-hundred day simple moving average is $104.99. The stock has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SHOP shares. Wedbush reiterated an “outperform” rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Mizuho lowered their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Morgan Stanley raised their price target on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. National Bankshares lowered their price target on Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Finally, Phillip Securities downgraded Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.39.

Shopify Company Profile

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.