Bessemer Group Inc. Boosts Stock Position in Shopify Inc. $SHOP

Bessemer Group Inc. boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 803,189 shares of the software maker’s stock after buying an additional 7,108 shares during the period. Bessemer Group Inc.’s holdings in Shopify were worth $95,274,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SHOP. Kingdom Financial Group LLC. bought a new position in shares of Shopify during the fourth quarter valued at $26,000. Curio Wealth LLC bought a new stake in Shopify during the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. raised its holdings in Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after buying an additional 155 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $29,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $31,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Citigroup lowered shares of Shopify from a “market outperform” rating to a “neutral” rating in a report on Friday, July 10th. BTIG Research initiated coverage on Shopify in a report on Friday, July 10th. They issued a “buy” rating for the company. BMO Capital Markets started coverage on Shopify in a research note on Friday, July 10th. They issued a “market perform” rating for the company. Morgan Stanley cut Shopify from an “overweight” rating to a “buy” rating in a research note on Monday. Finally, UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.58.

Shopify Trading Down 1.2%

Shares of SHOP opened at $123.56 on Friday. The firm has a fifty day simple moving average of $112.47 and a two-hundred day simple moving average of $123.66. The firm has a market cap of $160.34 billion, a PE ratio of 122.34, a P/E/G ratio of 2.71 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

Shopify Company 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.