Amova Asset Management Americas Inc. Boosts Stock Holdings in Shopify Inc. $SHOP

Amova Asset Management Americas Inc. increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,458,265 shares of the software maker’s stock after buying an additional 165,080 shares during the period. Shopify comprises approximately 5.8% of Amova Asset Management Americas Inc.’s holdings, making the stock its biggest position. Amova Asset Management Americas Inc.’s holdings in Shopify were worth $410,219,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Commerzbank Aktiengesellschaft FI raised its position in shares of Shopify by 8.1% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 21,024 shares of the software maker’s stock worth $2,494,000 after purchasing an additional 1,572 shares during the period. Earned Wealth Advisors LLC boosted its position in Shopify by 60.1% during the 1st quarter. Earned Wealth Advisors LLC now owns 11,727 shares of the software maker’s stock valued at $1,391,000 after purchasing an additional 4,400 shares during the period. Commonwealth Financial Services LLC boosted its position in Shopify by 16.7% during the 1st quarter. Commonwealth Financial Services LLC now owns 1,833 shares of the software maker’s stock valued at $217,000 after purchasing an additional 262 shares during the period. Dimensional Fund Advisors LP grew its stake in Shopify by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 783,064 shares of the software maker’s stock worth $92,869,000 after buying an additional 27,893 shares during the last quarter. Finally, Scarborough Advisors LLC grew its stake in Shopify by 23.3% during the 1st quarter. Scarborough Advisors LLC now owns 530 shares of the software maker’s stock worth $63,000 after buying an additional 100 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent research reports. Stifel Nicolaus set a $150.00 target price on Shopify and gave the company a “buy” rating in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Barclays set a $126.00 target price on shares of Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Finally, BTIG Research assumed coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “buy” rating for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

Shopify Trading Up 0.7%

Shopify stock opened at $124.48 on Tuesday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock has a market cap of $161.53 billion, a price-to-earnings ratio of 123.25, a PEG ratio of 2.68 and a beta of 2.58. The company’s 50-day moving average price is $112.90 and its two-hundred day moving average price is $123.07.

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.