Mediolanum International Funds Ltd Purchases 4,305 Shares of Shopify Inc. $SHOP

Mediolanum International Funds Ltd grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 96,756 shares of the software maker’s stock after buying an additional 4,305 shares during the period. Mediolanum International Funds Ltd’s holdings in Shopify were worth $10,828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Spartan Wealth Advisory Services LLC purchased a new position in Shopify in the 1st quarter worth approximately $251,000. Ascent Wealth Partners LLC boosted its stake in Shopify by 6.0% during the 1st quarter. Ascent Wealth Partners LLC now owns 20,715 shares of the software maker’s stock valued at $2,457,000 after purchasing an additional 1,177 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in Shopify by 1.3% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 14,553 shares of the software maker’s stock valued at $1,726,000 after purchasing an additional 185 shares during the last quarter. Quadrant Private Wealth Management LLC increased its holdings in shares of Shopify by 54.1% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 4,497 shares of the software maker’s stock worth $533,000 after purchasing an additional 1,579 shares in the last quarter. Finally, Gryphon Financial Partners LLC increased its holdings in shares of Shopify by 3.5% in the 1st quarter. Gryphon Financial Partners LLC now owns 152,807 shares of the software maker’s stock worth $18,126,000 after purchasing an additional 5,154 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $123.56 on Monday. The company has a market cap of $160.34 billion, a P/E ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The stock’s fifty day moving average price is $112.47 and its 200-day moving average price is $123.35.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SHOP shares. BMO Capital Markets assumed coverage on Shopify in a report on Friday, July 10th. They set a “market perform” rating on the stock. Barclays set a $126.00 price objective on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on Shopify in a research report on Wednesday, May 6th. Morgan Stanley cut shares of Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Three research 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, Shopify has an average rating of “Moderate Buy” and a consensus price target of $157.58.

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.