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

Y Intercept Hong Kong Ltd purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 95,606 shares of the software maker’s stock, valued at approximately $11,341,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Affirmative Financial Network raised its holdings in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after acquiring an additional 75 shares during the last quarter. TBH Global Asset Management LLC boosted its stake in shares of Shopify by 1.2% in the fourth 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 during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Shopify by 13.9% in the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after acquiring an additional 77 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position 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 worth $509,000 after purchasing an additional 80 shares in the last quarter. Finally, Pacific Sage Partners LLC increased its position 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 worth $343,000 after purchasing an additional 80 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ SHOP opened at $119.46 on Friday. The stock’s fifty day moving average is $111.58 and its two-hundred day moving average is $126.79. The firm has a market capitalization of $155.02 billion, a P/E ratio of 118.28, a price-to-earnings-growth ratio of 3.34 and a beta of 2.58. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SHOP shares. Royal Bank Of Canada restated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Wells Fargo & Company dropped their target price on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Jefferies Financial Group reissued a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group lowered their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify 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.