Shopify Inc. (NYSE:SHOP) Holdings Boosted by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,278 shares of the software maker's stock after purchasing an additional 6,505 shares during the quarter. Park Avenue Securities LLC's holdings in Shopify were worth $3,751,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in Shopify by 14.7% in 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 during the last quarter. FMR LLC grew its holdings in Shopify by 16.1% in 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 during the period. Mackenzie Financial Corp increased its stake in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker's stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Shopify by 54.2% during 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 during the period. Finally, National Bank of Canada FI boosted its position in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP traded down $0.25 during mid-day trading on Friday, hitting $103.25. The stock had a trading volume of 5,579,542 shares, compared to its average volume of 5,791,950. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. 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 company has a market cap of $133.41 billion, a PE ratio of 96.50, a PEG ratio of 2.18 and a beta of 2.46. The company's fifty day simple moving average is $109.06 and its two-hundred day simple moving average is $85.30.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Wells Fargo & Company increased their price target on shares of Shopify from $90.00 to $120.00 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 target price on shares of Shopify in a report on Monday, October 7th. Oppenheimer boosted their price target on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, October 24th. Finally, KeyCorp boosted their target price on Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Shopify Company Profile

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.