First Horizon Advisors Inc. Purchases 654 Shares of Shopify Inc. (NYSE:SHOP)

First Horizon Advisors Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,485 shares of the software maker’s stock after purchasing an additional 654 shares during the period. First Horizon Advisors Inc.’s holdings in Shopify were worth $520,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SHOP. Kirtland Hills Capital Management LLC grew its stake in Shopify by 8.4% in the third quarter. Kirtland Hills Capital Management LLC now owns 3,693 shares of the software maker’s stock worth $296,000 after purchasing an additional 286 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Shopify during the third quarter valued at approximately $98,000. West Family Investments Inc. raised its stake in shares of Shopify by 14.3% in the third quarter. West Family Investments Inc. now owns 6,097 shares of the software maker’s stock worth $489,000 after purchasing an additional 762 shares during the last quarter. Vance Wealth Inc. bought a new position in Shopify during the 3rd quarter valued at about $317,000. Finally, Wrapmanager Inc. boosted its holdings in Shopify by 14.0% in the third quarter. Wrapmanager Inc. now owns 13,574 shares of the software maker’s stock worth $1,088,000 after purchasing an additional 1,672 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Roth Mkm upped their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JMP Securities upped their price target on shares of Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Scotiabank increased their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group boosted their price objective on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Up 2.5 %

NYSE:SHOP opened at $106.53 on Friday. The company has a market capitalization of $137.46 billion, a price-to-earnings ratio of 99.56, a price-to-earnings-growth ratio of 3.09 and a beta of 2.36. The stock has a 50-day simple moving average of $84.81 and a 200 day simple moving average of $71.95. 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 $115.62.

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.