Benjamin Edwards Inc. Buys 45,337 Shares of Shopify Inc. (NYSE:SHOP)

Benjamin Edwards Inc. raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24,244.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,524 shares of the software maker’s stock after acquiring an additional 45,337 shares during the period. Benjamin Edwards Inc.’s holdings in Shopify were worth $3,648,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Oliver Lagore Vanvalin Investment Group increased its position in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify in the second quarter valued at approximately $33,000. Brooklyn Investment Group acquired a new position in shares of Shopify in the 3rd quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton grew its position in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NYSE SHOP opened at $111.88 on Wednesday. The company has a fifty day moving average price of $90.45 and a 200 day moving average price of $74.83. The firm has a market cap of $144.56 billion, a PE ratio of 104.56, a PEG ratio of 2.97 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $116.35.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Citigroup boosted their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Argus upgraded shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Loop Capital increased their price target on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $95.84.

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.