Shopify Inc. (NYSE:SHOP) is BOCHK Asset Management Ltd’s 8th Largest Position

BOCHK Asset Management Ltd lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 47.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,500 shares of the software maker’s stock after purchasing an additional 42,500 shares during the period. Shopify accounts for approximately 4.3% of BOCHK Asset Management Ltd’s holdings, making the stock its 8th largest position. BOCHK Asset Management Ltd’s holdings in Shopify were worth $13,982,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Sunbelt Securities Inc. raised its holdings in Shopify by 6.8% during the second quarter. Sunbelt Securities Inc. now owns 14,399 shares of the software maker’s stock valued at $951,000 after acquiring an additional 915 shares during the period. Regal Investment Advisors LLC raised its holdings in Shopify by 3.0% during the second quarter. Regal Investment Advisors LLC now owns 31,977 shares of the software maker’s stock valued at $2,112,000 after acquiring an additional 942 shares during the period. Kimelman & Baird LLC bought a new stake in Shopify during the second quarter valued at about $132,000. Truist Financial Corp raised its holdings in Shopify by 12.5% during the second quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock valued at $36,364,000 after acquiring an additional 61,014 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 9.3 %

Shares of NYSE SHOP opened at $117.35 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $151.63 billion, a price-to-earnings ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46. The stock has a 50 day moving average price of $109.65 and a 200 day moving average price of $87.89. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent analyst reports. Barclays raised their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Scotiabank raised their price target on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Wells Fargo & Company lifted their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Finally, Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Company 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.