Aigen Investment Management LP Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Aigen Investment Management LP boosted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 58.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,093 shares of the software maker’s stock after purchasing an additional 4,109 shares during the period. Aigen Investment Management LP’s holdings in Shopify were worth $864,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Shopify in the fourth quarter valued at approximately $1,049,089,000. Artisan Partners Limited Partnership grew its holdings in shares of Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Shopify during the 3rd quarter worth approximately $68,746,000. Finally, International Assets Investment Management LLC grew its holdings in Shopify by 6,637.3% during the 4th quarter. International Assets Investment Management LLC now owns 1,188,598 shares of the software maker’s stock worth $92,592,000 after acquiring an additional 1,170,956 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. Truist Financial boosted their price target on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, February 12th. CIBC lowered their price target on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a report on Thursday, May 9th. Piper Sandler upgraded shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target for the company in a report on Thursday, May 9th. ATB Capital boosted their price objective on shares of Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Finally, TD Securities reduced their price objective on shares of Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $77.06.

Shopify Price Performance

Shopify stock traded up $2.05 during mid-day trading on Wednesday, hitting $59.07. 11,910,290 shares of the company were exchanged, compared to its average volume of 10,359,107. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $71.49 and a 200 day moving average of $74.37. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market capitalization of $76.12 billion, a PE ratio of -348.71, a price-to-earnings-growth ratio of 2.39 and a beta of 2.20.

About Shopify

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.