Avanza Fonder AB purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 24,907 shares of the software maker's stock, valued at approximately $2,648,000.
Several other institutional investors and hedge funds have also modified their holdings of the business. Baillie Gifford & Co. grew its holdings in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC raised its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Legal & General Group Plc lifted its position in Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker's stock worth $544,017,000 after acquiring an additional 145,618 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker's stock valued at $658,248,000 after acquiring an additional 484,561 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on SHOP shares. Canaccord Genuity Group boosted their price objective on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Truist Financial increased their price objective on Shopify from $65.00 to $110.00 and gave the company a "hold" rating in a research report on Wednesday, November 13th. Piper Sandler boosted their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. DZ Bank cut shares of Shopify from a "hold" rating to a "sell" rating in a research note on Thursday, November 21st. Finally, Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average price target of $100.31.
Check Out Our Latest Research Report on Shopify
Shopify Trading Down 0.2 %
SHOP stock traded down $0.25 during midday trading on Friday, reaching $103.25. The company's stock had a trading volume of 5,579,542 shares, compared to its average volume of 4,488,373. The business's 50-day simple moving average is $109.39 and its 200-day simple moving average is $85.57. The stock has a market cap of $133.41 billion, a PE ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.
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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