Synovus Financial Corp Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Synovus Financial Corp bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 5,996 shares of the software maker's stock, valued at approximately $481,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC increased its stake in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp increased its stake in Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker's stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Clearbridge Investments LLC raised its holdings in 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 buying an additional 1,657,251 shares during the period. Finally, National Bank of Canada FI lifted its stake in 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 valued at $593,588,000 after buying an additional 1,621,981 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP traded down $2.63 during trading on Thursday, hitting $107.07. 10,505,422 shares of the company were exchanged, compared to its average volume of 9,187,619. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The company has a market capitalization of $138.34 billion, a P/E ratio of 100.07, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The business's 50 day moving average is $98.11 and its 200-day moving average is $79.11.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SHOP shares. Cantor Fitzgerald restated a "neutral" rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Barclays lifted their price target on Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Wedbush reissued a "neutral" rating and issued a $115.00 target price (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, DZ Bank downgraded Shopify from a "hold" rating to a "sell" rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $99.03.

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.