iA Global Asset Management Inc. grew its stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 28.3% during the 1st quarter, Holdings Channel reports. The firm owned 14,155 shares of the software maker’s stock after buying an additional 3,124 shares during the period. iA Global Asset Management Inc.’s holdings in Shopify were worth $1,092,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in SHOP. Private Wealth Management Group LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $26,000. DSM Capital Partners LLC acquired a new position in Shopify in the 4th quarter valued at $28,000. Jones Financial Companies Lllp acquired a new position in Shopify in the 4th quarter valued at $28,000. Your Advocates Ltd. LLP grew its holdings in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in Shopify in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.
Shopify Stock Down 5.0 %
NYSE:SHOP traded down $3.05 on Thursday, hitting $58.15. The stock had a trading volume of 9,556,025 shares, compared to its average volume of 9,936,008. The business’s fifty day moving average is $63.13 and its 200 day moving average is $70.87. The company has a market cap of $74.94 billion, a PE ratio of -355.65, a P/E/G ratio of 3.42 and a beta of 2.30. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.
Wall Street Analyst Weigh In
A number of research analysts have commented on SHOP shares. Evercore raised Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Friday, June 14th. Scotiabank cut their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research report on Thursday, May 9th. Moffett Nathanson downgraded Shopify from a “buy” rating to a “neutral” rating and cut their target price for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. TD Securities cut their target price on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, May 9th. Finally, Citigroup upped their target price on Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $77.62.
Get Our Latest Report on Shopify
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.
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