Baer Investment Advisory LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Baer Investment Advisory LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 31,604 shares of the software maker’s stock, valued at approximately $3,360,000. Shopify comprises about 7.0% of Baer Investment Advisory LLC’s portfolio, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital World Investors increased its position in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock worth $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC raised its position in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after buying an additional 1,426,000 shares during the last quarter. Capital International Investors lifted its stake in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after buying an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SHOP. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada reduced their target price on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 17th. BNP Paribas Exane lowered Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. Robert W. Baird upped their price objective on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Evercore ISI raised their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $115.37.

Shopify Price Performance

Shares of SHOP stock opened at $101.51 on Friday. The company’s fifty day moving average price is $95.30 and its two-hundred day moving average price is $104.61. The firm has a market capitalization of $131.44 billion, a P/E ratio of 65.49, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Shopify Profile

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.