Fred Alger Management Adds $39M in Shopify Inc. ($SHOP)
Key Points
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Fred Alger Management increased its position in Shopify Inc. ($SHOP) by 58.27% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 930,697 shares of Shopify Inc. after buying 342,669 shares during the quarter. Fred Alger Management's holdings in Shopify Inc. were worth $106.27 million as of its most recent filing.
Shopify Inc. Stock Down 25.3%
Shares of Shopify Inc. ($SHOP) traded around $114.18 on Saturday, down 25.3% for the day.
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About Shopify Inc.
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition, the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions, as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa, Canada.
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