Fifth Third Wealth Advisors LLC Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Fifth Third Wealth Advisors LLC acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,569 shares of the software maker's stock, valued at approximately $273,000.

Other large investors have also made changes to their positions in the company. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC lifted its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Mackenzie Financial Corp lifted its position in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker's stock worth $417,386,000 after buying an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC lifted its position in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker's stock worth $311,404,000 after buying an additional 1,657,251 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in 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 worth $593,588,000 after buying an additional 1,621,981 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $0.25 during trading on Friday, hitting $103.25. 5,579,542 shares of the stock traded hands, compared to its average volume of 4,488,373. The company has a fifty day moving average price of $109.39 and a two-hundred day moving average price of $85.57. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a market cap of $133.41 billion, a price-to-earnings ratio of 96.50, a P/E/G ratio of 2.18 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer raised their price target on Shopify from $90.00 to $130.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Wedbush upgraded Shopify from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Finally, New Street Research started coverage on Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $100.31.

Shopify Profile

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.