Y Intercept Hong Kong Ltd Takes $11.34 Million Position in Shopify Inc. $SHOP

Y Intercept Hong Kong Ltd purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 95,606 shares of the software maker’s stock, valued at approximately $11,341,000.

Several other institutional investors have also recently made changes to their positions in the company. Kingdom Financial Group LLC. acquired a new position in Shopify in the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new stake in Shopify during the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Shopify during the fourth quarter worth $29,000. Lodestone Wealth Management LLC purchased a new stake in Shopify in the fourth quarter valued at $31,000. Finally, Sound Income Strategies LLC lifted its stake in shares of Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after purchasing an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SHOP shares. National Bank Financial lowered their price target on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Citizens Jmp reduced their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Wells Fargo & Company lowered their target price on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Finally, Citigroup reiterated a “market outperform” rating on shares of Shopify in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Trading Down 1.8%

SHOP stock opened at $119.46 on Friday. The business’s fifty day moving average price is $111.58 and its 200 day moving average price is $126.79. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The company has a market capitalization of $155.02 billion, a PE ratio of 118.28, a P/E/G ratio of 3.34 and a beta of 2.58.

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.