6,844 Shares in Shopify Inc. (NYSE:SHOP) Acquired by Fiduciary Trust Co

Fiduciary Trust Co bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,844 shares of the software maker's stock, valued at approximately $548,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FORA Capital LLC bought a new stake in Shopify in the 3rd quarter valued at about $223,000. Glenmede Trust Co. NA grew its position in Shopify by 41.7% during the third quarter. Glenmede Trust Co. NA now owns 209,581 shares of the software maker's stock worth $16,796,000 after buying an additional 61,697 shares in the last quarter. Townsquare Capital LLC increased its stake in Shopify by 32.8% during the 3rd quarter. Townsquare Capital LLC now owns 481,447 shares of the software maker's stock worth $38,583,000 after acquiring an additional 118,961 shares during the period. Brooklyn Investment Group bought a new stake in shares of Shopify during the 3rd quarter valued at $33,000. Finally, D.A. Davidson & CO. grew its holdings in shares of Shopify by 13.4% during the 3rd quarter. D.A. Davidson & CO. now owns 83,448 shares of the software maker's stock worth $6,688,000 after purchasing an additional 9,839 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 2.7 %

Shopify stock traded up $3.06 during mid-day trading on Friday, reaching $115.60. 6,178,258 shares of the company traded hands, compared to its average volume of 11,302,618. The firm's 50 day moving average price is $89.16 and its 200 day moving average price is $73.96. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $116.35. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a market capitalization of $149.37 billion, a price-to-earnings ratio of 108.04, a P/E/G ratio of 3.04 and a beta of 2.36.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Roth Mkm increased their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Wells Fargo & Company raised their target price on shares of Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Mizuho increased their price target on Shopify from $68.00 to $105.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their target price on Shopify from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Finally, Argus upgraded shares of Shopify to a "strong-buy" rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $95.84.

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.