The Manufacturers Life Insurance Company Buys 484,561 Shares of Shopify Inc. (NYSE:SHOP)

The Manufacturers Life Insurance Company lifted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,211,511 shares of the software maker's stock after buying an additional 484,561 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.64% of Shopify worth $658,248,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Private Trust Co. NA grew its position in Shopify by 1.7% in the third quarter. Private Trust Co. NA now owns 8,854 shares of the software maker's stock worth $710,000 after acquiring an additional 147 shares in the last quarter. Truvestments Capital LLC bought a new stake in Shopify in the third quarter worth $45,000. Brown Brothers Harriman & Co. acquired a new position in Shopify during the third quarter worth $274,000. Dynamic Technology Lab Private Ltd bought a new position in Shopify during the third quarter valued at about $660,000. Finally, Douglass Winthrop Advisors LLC lifted its position in shares of Shopify by 3.1% in the third quarter. Douglass Winthrop Advisors LLC now owns 19,652 shares of the software maker's stock worth $1,575,000 after buying an additional 597 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of NYSE:SHOP traded up $1.08 during trading on Tuesday, reaching $112.08. The stock had a trading volume of 8,022,879 shares, compared to its average volume of 9,333,088. The stock has a market capitalization of $144.63 billion, a PE ratio of 104.75, a P/E/G ratio of 2.81 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The business's 50-day moving average price is $87.00 and its 200 day moving average price is $72.90. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SHOP shares. JPMorgan Chase & Co. increased their price objective on Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a report on Tuesday, August 20th. Cantor Fitzgerald reissued a "neutral" rating and issued a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Canaccord Genuity Group upped their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Truist Financial raised their target price on shares of Shopify from $65.00 to $110.00 and gave the company a "hold" rating in a research note on Wednesday, November 13th. Finally, Benchmark restated a "hold" rating on shares of Shopify in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $95.84.

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.