Arete Wealth Advisors LLC Invests $568,000 in Shopify Inc. (NYSE:SHOP)

Arete Wealth Advisors LLC purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,123 shares of the software maker's stock, valued at approximately $568,000.

A number of other institutional investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Shopify by 22.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 32,193 shares of the software maker's stock worth $2,126,000 after purchasing an additional 5,934 shares during the last quarter. Miracle Mile Advisors LLC increased its position in Shopify by 13.0% during the second quarter. Miracle Mile Advisors LLC now owns 3,890 shares of the software maker's stock worth $257,000 after buying an additional 446 shares during the period. Blue Trust Inc. lifted its stake in Shopify by 928.8% in the second quarter. Blue Trust Inc. now owns 2,788 shares of the software maker's stock valued at $184,000 after buying an additional 2,517 shares during the last quarter. Brookstone Capital Management lifted its stake in Shopify by 26.0% in the second quarter. Brookstone Capital Management now owns 9,632 shares of the software maker's stock valued at $624,000 after buying an additional 1,986 shares during the last quarter. Finally, Objectivity Squared LLC boosted its holdings in shares of Shopify by 6.8% in the second quarter. Objectivity Squared LLC now owns 4,699 shares of the software maker's stock valued at $328,000 after acquiring an additional 300 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on SHOP. Wedbush reiterated a "neutral" rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Piper Sandler lifted their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Redburn Atlantic upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. KeyCorp boosted their price target on Shopify from $80.00 to $130.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.03.

Shopify Price Performance

SHOP stock traded down $0.68 on Friday, reaching $114.63. The company had a trading volume of 4,662,699 shares, compared to its average volume of 9,205,084. The company's fifty day moving average is $95.50 and its 200 day moving average is $77.39. The company has a market cap of $148.11 billion, a P/E ratio of 107.79, a PEG ratio of 3.05 and a beta of 2.46. 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.

About Shopify

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.