Oppenheimer & Co. Inc. Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Oppenheimer & Co. Inc. increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,609 shares of the software maker’s stock after purchasing an additional 7,027 shares during the period. Oppenheimer & Co. Inc.’s holdings in Shopify were worth $2,693,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. GQG Partners LLC lifted its position in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Capital World Investors lifted its holdings in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. boosted its position in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the subject of a number of recent analyst reports. JMP Securities raised their price objective on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research note on Wednesday. Scotiabank raised their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday, October 7th. The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of SHOP opened at $108.49 on Friday. The stock has a market capitalization of $139.99 billion, a P/E ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. The firm’s 50 day moving average is $81.97 and its 200-day moving average is $71.02.

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.