Massachusetts Financial Services Co. MA Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

Massachusetts Financial Services Co. MA grew its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 52.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,848,143 shares of the software maker's stock after purchasing an additional 1,325,350 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.30% of Shopify worth $308,390,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the 2nd quarter worth $33,000. Rosenberg Matthew Hamilton grew its position in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after acquiring an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify during the 2nd quarter worth $39,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP traded up $0.48 on Friday, reaching $106.96. 7,052,188 shares of the company's stock traded hands, compared to its average volume of 9,336,659. 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 stock has a market cap of $138.02 billion, a PE ratio of 99.96, a PEG ratio of 3.09 and a beta of 2.36. The stock's 50 day simple moving average is $85.50 and its two-hundred day simple moving average is $72.15. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Barclays boosted their price objective on Shopify from $70.00 to $93.00 and gave the stock an "equal weight" rating in a research report on Wednesday, November 13th. Benchmark restated a "hold" rating on shares of Shopify in a research report on Tuesday, August 6th. UBS Group upped their price target on Shopify from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Wedbush reiterated a "neutral" rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, KeyCorp upped their price target on Shopify from $80.00 to $130.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $94.95.

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.