Wahed Invest LLC Raises Stake in Shopify Inc. (NYSE:SHOP)

Wahed Invest LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 18.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,624 shares of the software maker's stock after acquiring an additional 8,960 shares during the period. Shopify comprises about 0.8% of Wahed Invest LLC's portfolio, making the stock its 22nd largest position. Wahed Invest LLC's holdings in Shopify were worth $4,618,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Quadrature Capital Ltd raised its position in shares of Shopify by 5.7% in the 3rd quarter. Quadrature Capital Ltd now owns 1,558,400 shares of the software maker's stock worth $124,984,000 after acquiring an additional 84,300 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Shopify by 47.0% during the third quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker's stock valued at $3,122,000 after buying an additional 12,455 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in shares of Shopify by 1.6% in 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 buying an additional 5,108 shares in the last quarter. Murchinson Ltd. purchased a new position in shares of Shopify in the 3rd quarter worth approximately $360,000. Finally, IHT Wealth Management LLC lifted its position in Shopify by 13.6% during the third quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker's stock valued at $678,000 after acquiring an additional 1,011 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOP. The Goldman Sachs Group raised their price target on Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Redburn Atlantic raised shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 target price on the stock in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. JMP Securities reiterated a "market outperform" rating and set a $120.00 price objective on shares of Shopify in a research note on Friday. Finally, DZ Bank downgraded Shopify from a "hold" rating to a "sell" rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $97.16.

Shopify Price Performance

NYSE SHOP traded up $4.27 during mid-day trading on Friday, hitting $118.37. The stock had a trading volume of 10,121,900 shares, compared to its average volume of 9,278,403. The firm's 50 day moving average is $91.80 and its 200 day moving average is $75.37. 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 has a market capitalization of $152.94 billion, a price-to-earnings ratio of 110.63, a PEG ratio of 2.94 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72.

Shopify 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.