Thrivent Financial for Lutherans Purchases 44,345 Shares of Shopify Inc. (NYSE:SHOP)

Thrivent Financial for Lutherans increased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 100.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,409 shares of the software maker's stock after purchasing an additional 44,345 shares during the quarter. Thrivent Financial for Lutherans' holdings in Shopify were worth $7,086,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify during the second quarter valued at approximately $33,000. Rosenberg Matthew Hamilton lifted 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 acquiring an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Shopify in the 2nd quarter worth approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on SHOP. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, October 24th. Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Evercore ISI lifted their target price on Shopify from $75.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, August 8th. JMP Securities increased their price target on shares of Shopify from $80.00 to $120.00 and gave the stock a "market outperform" rating in a research report on Wednesday, November 13th. Finally, Argus raised shares of Shopify to a "strong-buy" rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $94.95.

Shopify Price Performance

NYSE:SHOP opened at $106.96 on Friday. 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 one year low of $48.56 and a one year high of $115.62. The company has a fifty day moving average price of $85.50 and a 200 day moving average price of $72.15. The stock has a market cap of $138.02 billion, a P/E ratio of 99.96, a PEG ratio of 2.80 and a beta of 2.36.

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.