MML Investors Services LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

MML Investors Services LLC grew its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 168,277 shares of the software maker's stock after purchasing an additional 5,105 shares during the period. MML Investors Services LLC's holdings in Shopify were worth $13,486,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Swiss National Bank lifted its stake in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker's stock worth $293,507,000 after purchasing an additional 33,300 shares during the period. Oppenheimer & Co. Inc. raised its position in Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker's stock worth $2,693,000 after acquiring an additional 7,027 shares during the period. Nations Financial Group Inc. IA ADV grew its position in shares of Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker's stock valued at $381,000 after acquiring an additional 209 shares during the period. Wahed Invest LLC increased its stake in shares of Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock worth $4,618,000 after purchasing an additional 8,960 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Shopify by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker's stock worth $193,802,000 after purchasing an additional 136,530 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 3.5 %

Shopify stock traded up $3.95 during trading hours on Wednesday, hitting $117.40. The company had a trading volume of 6,454,235 shares, compared to its average volume of 9,237,209. The firm has a market cap of $151.69 billion, a P/E ratio of 109.65, a P/E/G ratio of 3.08 and a beta of 2.46. The company has a 50-day moving average price of $93.99 and a two-hundred day moving average price of $76.84. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SHOP. Royal Bank of Canada boosted their price target on Shopify from $100.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. JMP Securities reiterated a "market outperform" rating and set a $120.00 price objective on shares of Shopify in a research note on Friday, December 6th. KeyCorp raised their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Finally, Wells Fargo & Company raised their price objective 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. One equities research analyst has rated the stock with a sell rating, sixteen 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.08.

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.