Shopify Inc. $SHOP Position Lifted by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,458,265 shares of the software maker’s stock after buying an additional 165,080 shares during the period. Shopify comprises 5.8% of Amova Asset Management Americas Inc.’s investment portfolio, making the stock its largest position. Amova Asset Management Americas Inc. owned 0.27% of Shopify worth $410,219,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. TBH Global Asset Management LLC lifted its position in Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after acquiring an additional 75 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Shopify by 13.9% in the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock valued at $72,000 after acquiring an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Shopify by 2.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock valued at $509,000 after purchasing an additional 80 shares during the period. Pacific Sage Partners LLC raised its stake in shares of Shopify by 3.9% during the fourth quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after purchasing an additional 80 shares during the period. Finally, WealthCollab LLC lifted its position in shares of Shopify by 26.7% during the fourth quarter. WealthCollab LLC now owns 380 shares of the software maker’s stock worth $61,000 after purchasing an additional 80 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.7%

Shares of Shopify stock opened at $124.48 on Tuesday. The business has a 50-day moving average price of $112.90 and a 200 day moving average price of $123.07. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm has a market cap of $161.53 billion, a P/E ratio of 123.25, a P/E/G ratio of 2.68 and a beta of 2.58.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SHOP. Citigroup downgraded shares of Shopify from a “market outperform” rating to a “neutral” rating in a research note on Friday, July 10th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Robert W. Baird set a $150.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. National Bank Financial set a $155.00 target price on Shopify and gave the company an “outperform” rating in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Three investment 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 company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $157.58.

Shopify Company 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.