TCW Group Inc. Acquires 11,903 Shares of Shopify Inc. (NYSE:SHOP)

TCW Group Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,308,745 shares of the software maker's stock after acquiring an additional 11,903 shares during the quarter. TCW Group Inc. owned 0.10% of Shopify worth $104,883,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Dynamic Advisor Solutions LLC lifted its stake in shares of Shopify by 2.7% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,193 shares of the software maker's stock worth $541,000 after acquiring an additional 219 shares during the period. ORG Partners LLC bought a new position in Shopify during the 2nd quarter valued at $1,038,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Shopify by 22.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 32,193 shares of the software maker's stock valued at $2,126,000 after purchasing an additional 5,934 shares during the period. AdvisorNet Financial Inc raised its stake in shares of Shopify by 8.7% in the 2nd quarter. AdvisorNet Financial Inc now owns 4,445 shares of the software maker's stock worth $294,000 after buying an additional 355 shares in the last quarter. Finally, 180 Wealth Advisors LLC acquired a new stake in shares of Shopify in the second quarter valued at $374,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. Mizuho raised their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. Robert W. Baird boosted their target price on Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Finally, Scotiabank increased their price target on Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $98.08.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $3.95 during midday trading on Wednesday, hitting $117.40. The company's stock had a trading volume of 6,454,235 shares, compared to its average volume of 9,237,209. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market capitalization of $151.69 billion, a price-to-earnings ratio of 109.65, a PEG ratio of 3.08 and a beta of 2.46. The stock's 50 day simple moving average is $93.99 and its 200 day simple moving average is $76.84.

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.