Assetmark Inc. Purchases 5,521 Shares of Shopify Inc. $SHOP

Assetmark Inc. boosted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 219,104 shares of the software maker’s stock after purchasing an additional 5,521 shares during the quarter. Assetmark Inc.’s holdings in Shopify were worth $25,990,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. M&T Bank Corp boosted its holdings in shares of Shopify by 37.1% during the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after acquiring an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. lifted its position in Shopify by 11.0% during the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after purchasing an additional 18,028 shares during the period. SG Americas Securities LLC boosted its holdings in Shopify by 286.6% in the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock worth $81,889,000 after purchasing an additional 377,129 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Shopify by 12.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock worth $84,689,000 after purchasing an additional 59,745 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Shopify by 6.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,892,833 shares of the software maker’s stock worth $948,569,000 after purchasing an additional 356,008 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. BMO Capital Markets initiated coverage on shares of Shopify in a research note on Friday, July 10th. They set a “market perform” rating for the company. Canaccord Genuity Group dropped their price target on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 price objective on Shopify in a research report on Wednesday, May 6th. Finally, Citizens Jmp lowered their target price on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $157.58.

Shopify Stock Performance

NASDAQ SHOP opened at $123.56 on Friday. The business’s fifty day moving average is $112.47 and its 200 day moving average is $123.66. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a market capitalization of $160.34 billion, a PE ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58.

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.