Plato Investment Management Ltd purchased a new position in Shopify Inc. (NASDAQ:SHOP – Free Report) TSE: SHOP during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 26,533 shares of the software maker’s stock, valued at approximately $3,017,000.
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A number of other institutional investors have also made changes to their positions in the stock. TBH Global Asset Management LLC raised its holdings in 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 purchasing an additional 75 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock valued at $72,000 after buying an additional 77 shares during the period. WealthCollab LLC increased its position in shares of Shopify by 26.7% in the 4th quarter. WealthCollab LLC now owns 380 shares of the software maker’s stock valued at $61,000 after buying an additional 80 shares in the last quarter. Parr Mcknight Wealth Management Group LLC increased its position in shares of Shopify by 3.1% in the 1st quarter. Parr Mcknight Wealth Management Group LLC now owns 2,762 shares of the software maker’s stock valued at $328,000 after buying an additional 84 shares in the last quarter. Finally, Founders Financial Alliance LLC raised its stake in Shopify by 5.2% during the 4th quarter. Founders Financial Alliance LLC now owns 1,768 shares of the software maker’s stock worth $285,000 after buying an additional 87 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on SHOP shares. Canaccord Genuity Group set a $180.00 price target on Shopify and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Shopify in a research report on Monday, August 3rd. Citizens Jmp increased their target price on Shopify from $150.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Jefferies Financial Group restated a “buy” rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, August 5th. Finally, Benchmark lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $170.72.
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