Van ECK Associates Corp Acquires 4,429 Shares of Shopify Inc. (NYSE:SHOP)


Van ECK Associates Corp grew its holdings in shares of Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 153.6% in the first quarter, in line with its most up-to-date disclosure with the SEC. The fund owned 7,312 shares of the software maker’s stock after acquiring a further 4,429 shares through the period. Van ECK Associates Corp’s holdings in Shopify were value $4,943,000 as of its most up-to-date SEC filing.

Several other large investors have also recently modified their holdings of the business. Western Pacific Wealth Management LP acquired a latest stake in shares of Shopify through the fourth quarter value $26,000. Parkside Financial Bank & Trust increased its position in shares of Shopify by 666.7% through the fourth quarter. Parkside Financial Bank & Trust now owns 23 shares of the software maker’s stock value $32,000 after buying a further 20 shares through the period. GoalVest Advisory LLC acquired a latest stake in shares of Shopify through the first quarter value $39,000. Valley National Advisers Inc. increased its position in shares of Shopify by 392.3% through the first quarter. Valley National Advisers Inc. now owns 64 shares of the software maker’s stock value $43,000 after buying a further 51 shares through the period. Finally, Activest Wealth Management increased its position in shares of Shopify by 266.7% through the first quarter. Activest Wealth Management now owns 66 shares of the software maker’s stock value $45,000 after buying a further 48 shares through the period. Institutional investors own 62.60% of the corporate’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Shopify to a “sell” rating in a research report on Thursday, June thirtieth. Mizuho reduced their price goal on shares of Shopify from $80.00 to $40.00 in a report on Friday, May sixth. Royal Bank of Canada reduced their price goal on shares of Shopify from $100.00 to $80.00 and set an “outperform” rating for the corporate in a report on Friday, May sixth. Sumitomo Mitsui Financial Group reduced their price goal on shares of Shopify from $53.00 to $40.00 and set an “outperform” rating for the corporate in a report on Thursday, July twenty eighth. Finally, Truist Financial reduced their price goal on shares of Shopify to $35.00 and set a “hold” rating for the corporate in a report on Tuesday, July fifth. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and nineteen have issued a buy rating to the corporate’s stock. Based on data from MarketBeat.com, Shopify currently has a median rating of “Hold” and a median price goal of $72.49.

Shopify Price Performance

SHOP opened at $34.20 on Friday. The corporate has a market capitalization of $43.06 billion, a price-to-earnings ratio of -22.57 and a beta of 1.80. The corporate has a fast ratio of 11.17, a current ratio of 11.17 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average price of $41.65 and a 200-day moving average price of $51.27. Shopify Inc. has a twelve month low of $29.72 and a twelve month high of $176.29.

About Shopify

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the US, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The corporate’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 administer products and inventory, process orders and payments, fulfill and ship orders, latest buyers and construct customer relationships, source products, leverage analytics and reporting, manage money, payments and transactions, and access financing.

Further Reading

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)



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