Atlanta Consulting Group Advisors LLC Buys New Holdings in Shopify Inc. (NYSE:SHOP)

Atlanta Consulting Group Advisors LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,100 shares of the software maker’s stock, valued at approximately $489,000.

Other large investors also recently modified their holdings of the company. Intech Investment Management LLC acquired a new position in shares of Shopify during the 1st quarter valued at $2,706,000. Edgestream Partners L.P. lifted its stake in shares of Shopify by 91.4% during the first quarter. Edgestream Partners L.P. now owns 6,083 shares of the software maker’s stock worth $469,000 after purchasing an additional 2,905 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Shopify by 36.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 190,968 shares of the software maker’s stock worth $14,739,000 after buying an additional 50,990 shares during the period. Clearbridge Investments LLC grew its stake in shares of Shopify by 9.7% in the first quarter. Clearbridge Investments LLC now owns 3,057,440 shares of the software maker’s stock valued at $235,943,000 after buying an additional 270,328 shares in the last quarter. Finally, UniSuper Management Pty Ltd raised its holdings in shares of Shopify by 96.6% during the 1st quarter. UniSuper Management Pty Ltd now owns 17,100 shares of the software maker’s stock valued at $1,320,000 after buying an additional 8,400 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Royal Bank of Canada upped their price target on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Loop Capital raised their target price on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Truist Financial boosted their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

Shares of SHOP stock opened at $108.49 on Monday. The business has a 50 day simple moving average of $81.97 and a 200 day simple moving average of $71.03. 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 has a market capitalization of $139.99 billion, a price-to-earnings ratio of 101.39, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62.

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.