Legal Advantage Investments Inc. Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Legal Advantage Investments Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,210 shares of the software maker’s stock after selling 300 shares during the quarter. Shopify comprises approximately 1.4% of Legal Advantage Investments Inc.’s portfolio, making the stock its 28th biggest position. Legal Advantage Investments Inc.’s holdings in Shopify were worth $2,574,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Baillie Gifford & Co. grew its holdings in Shopify by 14.7% during 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 during the period. FMR LLC grew its holdings in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Legal & General Group Plc grew its holdings in Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after acquiring an additional 145,618 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after acquiring an additional 484,561 shares during the period. Finally, National Bank of Canada FI grew its holdings in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent analyst reports. Scotiabank upped their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Barclays upped their target price on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Wells Fargo & Company upped their target price on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Stock Performance

Shopify stock opened at $103.25 on Tuesday. The stock’s 50 day moving average price is $109.39 and its 200 day moving average price is $85.84. The firm has a market capitalization of $133.41 billion, a PE ratio of 96.50, a price-to-earnings-growth ratio of 2.17 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72.

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.