BOCHK Asset Management Ltd Has $13.98 Million Position in Shopify Inc. (NYSE:SHOP)

BOCHK Asset Management Ltd increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 47.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 131,500 shares of the software maker’s stock after purchasing an additional 42,500 shares during the quarter. Shopify accounts for about 4.3% of BOCHK Asset Management Ltd’s holdings, making the stock its 8th biggest holding. BOCHK Asset Management Ltd’s holdings in Shopify were worth $13,982,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SHOP. Sunbelt Securities Inc. raised its stake in Shopify by 6.8% in the second quarter. Sunbelt Securities Inc. now owns 14,399 shares of the software maker’s stock worth $951,000 after buying an additional 915 shares in the last quarter. Regal Investment Advisors LLC raised its stake in Shopify by 3.0% in the second quarter. Regal Investment Advisors LLC now owns 31,977 shares of the software maker’s stock worth $2,112,000 after buying an additional 942 shares in the last quarter. Kimelman & Baird LLC bought a new position in Shopify in the second quarter worth approximately $132,000. Truist Financial Corp raised its stake in Shopify by 12.5% in the second quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock worth $36,364,000 after buying an additional 61,014 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after buying an additional 1,657,251 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 9.3 %

SHOP stock opened at $117.35 on Wednesday. The company’s 50-day simple moving average is $109.65 and its 200-day simple moving average is $87.89. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The firm has a market cap of $151.63 billion, a P/E ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Truist Financial upped their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Robert W. Baird upped their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Finally, New Street Research initiated coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.