Royal London Asset Management Ltd. Grows Position in Shopify Inc. (NYSE:SHOP)

Royal London Asset Management Ltd. lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 329,882 shares of the software maker's stock after buying an additional 5,108 shares during the period. Royal London Asset Management Ltd.'s holdings in Shopify were worth $26,437,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Oliver Lagore Vanvalin Investment Group lifted its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after buying an additional 200 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Shopify during the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its stake in shares of 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 purchasing an additional 133 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at approximately $33,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of Shopify in the second quarter valued at $33,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 3.8 %

Shares of SHOP traded up $4.28 during trading hours on Friday, reaching $118.37. 10,136,356 shares of the stock traded hands, compared to its average volume of 11,923,693. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a market cap of $152.95 billion, a price-to-earnings ratio of 110.63, a PEG ratio of 2.97 and a beta of 2.46. The stock has a fifty day simple moving average of $91.80 and a 200 day simple moving average of $75.37. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price target on Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. JMP Securities reaffirmed a "market outperform" rating and set a $120.00 price target on shares of Shopify in a report on Friday. 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. Wedbush reiterated a "neutral" rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company raised their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $98.08.

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.