Shopify Inc. (NYSE:SHOP) Position Increased by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 18.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 101,691 shares of the software maker's stock after acquiring an additional 15,623 shares during the quarter. Orion Portfolio Solutions LLC's holdings in Shopify were worth $8,149,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Moser Wealth Advisors LLC increased its position in shares of Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock valued at $755,000 after purchasing an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock valued at $159,000 after purchasing an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. CVA Family Office LLC increased its position in shares of Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock valued at $109,000 after purchasing an additional 143 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC increased its position in shares of Shopify by 3.5% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker's stock valued at $343,000 after purchasing an additional 145 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 2.6 %

SHOP stock traded down $3.04 during midday trading on Monday, reaching $115.33. 6,322,770 shares of the company's stock traded hands, compared to its average volume of 9,266,261. The company has a market capitalization of $149.02 billion, a P/E ratio of 107.79, a PEG ratio of 3.08 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The business has a 50-day moving average price of $93.29 and a two-hundred day moving average price of $76.44.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Cantor Fitzgerald reiterated a "neutral" rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Citigroup increased 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. Loop Capital upgraded shares of Shopify from a "hold" rating to a "buy" rating and increased their price target for the stock from $110.00 to $140.00 in a research note on Friday. Robert W. Baird increased their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.