Quantinno Capital Management LP Increases Holdings in Shopify Inc. (NYSE:SHOP)

Quantinno Capital Management LP grew its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 47.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,951 shares of the software maker's stock after purchasing an additional 12,455 shares during the quarter. Quantinno Capital Management LP's holdings in Shopify were worth $3,122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Royal London Asset Management Ltd. raised its holdings in Shopify by 1.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 329,882 shares of the software maker's stock valued at $26,437,000 after acquiring an additional 5,108 shares during the period. Murchinson Ltd. bought a new stake in shares of Shopify during the 3rd quarter valued at $360,000. IHT Wealth Management LLC lifted its holdings in Shopify by 13.6% during the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker's stock worth $678,000 after purchasing an additional 1,011 shares in the last quarter. Insight Holdings Group LLC boosted its stake in Shopify by 109.5% in the 3rd quarter. Insight Holdings Group LLC now owns 55,100 shares of the software maker's stock worth $4,416,000 after purchasing an additional 28,800 shares during the period. Finally, Integrated Wealth Concepts LLC grew its holdings in Shopify by 2.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 32,078 shares of the software maker's stock valued at $2,571,000 after buying an additional 655 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SHOP shares. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Barclays lifted their target price on shares of Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 13th. 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 report on Wednesday, November 13th. Finally, Atb Cap Markets downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $98.08.

Shopify Stock Down 2.0 %

Shopify stock traded down $2.33 during midday trading on Tuesday, reaching $112.96. The company's stock had a trading volume of 3,324,078 shares, compared to its average volume of 9,240,462. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The stock has a market capitalization of $145.96 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. The stock's 50-day simple moving average is $93.29 and its 200-day simple moving average is $76.44.

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.