Fmr LLC Raises Stake in Shopify Inc. (NYSE:SHOP)

FMR LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,306,077 shares of the software maker's stock after buying an additional 5,869,795 shares during the quarter. FMR LLC owned approximately 3.28% of Shopify worth $3,389,637,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. TD Asset Management Inc grew its position in shares of Shopify by 6.9% during the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker's stock valued at $572,263,000 after buying an additional 559,917 shares during the last quarter. Legal & General Group Plc grew its position in Shopify by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker's stock valued at $544,017,000 after buying an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company grew 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 worth $658,248,000 after acquiring an additional 484,561 shares during the period. Finally, Mackenzie Financial Corp grew 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. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SHOP. Scotiabank boosted their price target on shares of Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, October 24th. Robert W. Baird boosted their target price on shares of Shopify from $90.00 to $126.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Barclays increased their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a report on Wednesday, November 13th. Mizuho raised their price target on Shopify from $68.00 to $105.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $95.84.

Shopify Price Performance

SHOP traded up $1.23 during trading on Tuesday, hitting $112.23. 6,155,343 shares of the company traded hands, compared to its average volume of 9,325,638. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $144.82 billion, a PE ratio of 103.86, a P/E/G ratio of 2.81 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The stock's 50-day simple moving average is $86.25 and its two-hundred day simple moving average is $72.53.

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.