Forsta AP Fonden Purchases 65,400 Shares of Shopify Inc. (NYSE:SHOP)

Forsta AP Fonden boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 369,500 shares of the software maker’s stock after buying an additional 65,400 shares during the quarter. Forsta AP Fonden’s holdings in Shopify were worth $39,306,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SHOP. BOCHK Asset Management Ltd lifted its holdings in shares of Shopify by 47.8% in the fourth quarter. BOCHK Asset Management Ltd now owns 131,500 shares of the software maker’s stock worth $13,982,000 after acquiring an additional 42,500 shares during the last quarter. R Squared Ltd acquired a new position in Shopify during the 4th quarter worth approximately $128,000. BSW Wealth Partners bought a new position in Shopify in the 4th quarter valued at approximately $269,000. Prospect Financial Services LLC boosted its position in Shopify by 40.2% in the fourth quarter. Prospect Financial Services LLC now owns 5,033 shares of the software maker’s stock valued at $535,000 after buying an additional 1,442 shares in the last quarter. Finally, Perigon Wealth Management LLC grew its stake in shares of Shopify by 6.7% during the fourth quarter. Perigon Wealth Management LLC now owns 7,787 shares of the software maker’s stock worth $806,000 after buying an additional 491 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent research reports. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Barclays lifted their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Mizuho upped their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of Shopify in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.32.

Shopify Stock Performance

Shares of SHOP stock opened at $117.35 on Wednesday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm’s 50-day simple moving average is $109.65 and its two-hundred day simple moving average is $87.89. The firm has a market cap of $151.63 billion, a price-to-earnings ratio of 109.67, a P/E/G ratio of 2.24 and a beta of 2.46.

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.