Bessemer Group Inc. bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SH) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 61,127 shares of the company’s stock, valued at approximately $2,621,000.
Several other institutional investors have also recently modified their holdings of SHOP. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Shopify by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the company’s stock worth $70,033,000 after buying an additional 569,800 shares during the last quarter. Whale Rock Capital Management LLC raised its position in shares of Shopify by 41.8% in the third quarter. Whale Rock Capital Management LLC now owns 1,402,861 shares of the company’s stock worth $60,211,000 after buying an additional 413,323 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Shopify by 106.8% in the third quarter. Bank of New York Mellon Corp now owns 954,041 shares of the company’s stock worth $40,948,000 after buying an additional 492,619 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Shopify during the third quarter worth $37,184,000. Finally, Peregrine Capital Management LLC purchased a new position in shares of Shopify during the third quarter worth $22,282,000. 69.10% of the stock is currently owned by institutional investors.
Shopify Inc. (NYSE:SHOP) traded up 1.09% on Monday, hitting $55.82. The stock had a trading volume of 1,972,166 shares. Shopify Inc. has a 52 week low of $18.58 and a 52 week high of $57.16. The firm has a 50-day moving average of $48.94 and a 200 day moving average of $43.00. The company’s market capitalization is $4.97 billion.
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SHOP has been the topic of a number of research reports. Credit Suisse Group reaffirmed a “buy” rating and set a $50.00 target price on shares of Shopify in a research report on Thursday, November 3rd. Zacks Investment Research raised Shopify from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Friday, October 28th. BTIG Research reaffirmed a “buy” rating on shares of Shopify in a research report on Thursday, December 29th. Citigroup Inc. assumed coverage on Shopify in a research report on Thursday, December 1st. They set a “market perform” rating on the stock. They noted that the move was a valuation call. Finally, Roth Capital set a $49.00 price target on Shopify and gave the company a “buy” rating in a research report on Tuesday, October 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $50.13.
Shopify Inc is a Canada-based company engaged in the offering cloud-based, multi-channel commerce platform. The Company’s platform is designed for small and medium-sized businesses. Using a single interface, the Company’s merchants can design, set up and manage their business across multiple sales channels, including Web and mobile storefronts, social media storefronts and physical retail locations.
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