4,985 Shares in Shopify Inc. $SHOP Purchased by Investors Asset Management of Georgia Inc. GA ADV

Investors Asset Management of Georgia Inc. GA ADV purchased a new stake 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 & Exchange Commission. The institutional investor purchased 4,985 shares of the software maker’s stock, valued at approximately $591,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its stake 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 buying an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. grew its stake in Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after buying an additional 18,028 shares in the last quarter. Assetmark Inc. raised its holdings in Shopify by 6.7% during the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after acquiring an additional 13,415 shares during the period. SG Americas Securities LLC raised its holdings in Shopify by 286.6% during the 4th quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock valued at $81,889,000 after acquiring an additional 377,129 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Shopify by 12.8% during 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 acquiring an additional 59,745 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ SHOP opened at $119.46 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The company has a fifty day moving average of $111.33 and a 200-day moving average of $126.74. The company has a market capitalization of $155.02 billion, a P/E ratio of 118.28, a P/E/G ratio of 3.28 and a beta of 2.58.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citizens Jmp decreased their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 6th. Robert W. Baird set a $150.00 price objective on Shopify in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, DA Davidson reduced their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Two equities 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 company’s stock. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price 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.