Castleark Management LLC Takes $28.84 Million Position in Shopify Inc. (NYSE:SHOP)

Castleark Management LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 271,270 shares of the software maker’s stock, valued at approximately $28,844,000. Shopify accounts for about 1.0% of Castleark Management LLC’s holdings, making the stock its 21st biggest holding.

A number of other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC bought a new position in Shopify in the 4th quarter worth approximately $132,323,000. Western Financial Corp CA bought a new position in Shopify during the 4th quarter worth about $239,000. Kessler Investment Group LLC purchased a new stake in shares of Shopify in the 4th quarter worth approximately $6,105,000. Whalen Wealth Management Inc. bought a new stake in Shopify during the 4th quarter valued at $461,000. Finally, First National Corp MA ADV bought a new stake in Shopify during the fourth quarter valued at about $237,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.4%

NYSE SHOP opened at $106.43 on Wednesday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business’s fifty day simple moving average is $94.87 and its 200-day simple moving average is $104.30. The firm has a market cap of $137.81 billion, a PE ratio of 68.66, a P/E/G ratio of 4.82 and a beta of 2.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. UBS Group reduced their price target on Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Evercore ISI lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Citigroup upped their target price on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. National Bankshares lowered their price target on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Finally, Truist Financial dropped their target price on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

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.