Conway Capital Management Inc. bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,776 shares of the software maker's stock, valued at approximately $864,000. Shopify accounts for about 0.4% of Conway Capital Management Inc.'s portfolio, making the stock its 28th biggest position.
Several other hedge funds have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the second quarter worth about $33,000. Brooklyn Investment Group bought a new stake in Shopify during the third quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after buying an additional 133 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.
Shopify Stock Down 1.6 %
SHOP stock traded down $1.79 during mid-day trading on Tuesday, hitting $113.50. 5,137,142 shares of the company were exchanged, compared to its average volume of 9,248,919. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The firm's 50 day simple moving average is $93.29 and its 200 day simple moving average is $76.44. The firm has a market cap of $146.65 billion, a P/E ratio of 106.03, a P/E/G ratio of 3.08 and a beta of 2.46.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the company. Truist Financial increased 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. Wedbush restated a "neutral" rating and set a $115.00 target price (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Barclays lifted 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. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.08.
Read Our Latest Stock Analysis on Shopify
About Shopify
(
Free Report)
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.
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