Franklin Resources Inc. lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,851,098 shares of the software maker's stock after selling 449,484 shares during the quarter. Franklin Resources Inc. owned approximately 0.92% of Shopify worth $997,451,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its position in shares of 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 in the last quarter. FMR LLC boosted its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Shopify by 49.9% in the 2nd 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 period. Clearbridge Investments LLC increased its stake in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker's stock worth $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after acquiring an additional 1,621,981 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. Barclays upped their price objective on shares of Shopify from $70.00 to $93.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. Cantor Fitzgerald reissued a "neutral" rating and issued a $70.00 target price on shares of Shopify in a report on Monday, October 7th. Wedbush restated a "neutral" rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Finally, Citigroup upped their price target on shares of Shopify from $90.00 to $103.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average price target of $99.03.
Read Our Latest Stock Analysis on Shopify
Shopify Stock Performance
NYSE:SHOP traded down $0.68 during mid-day trading on Friday, hitting $114.63. 4,588,556 shares of the company traded hands, compared to its average volume of 9,204,794. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock's fifty day moving average price is $95.50 and its 200-day moving average price is $77.39. The firm has a market cap of $148.11 billion, a price-to-earnings ratio of 107.79, a price-to-earnings-growth ratio of 3.05 and a beta of 2.46. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72.
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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