Carnegie Investment Counsel Buys 428 Shares of Shopify Inc. (NYSE:SHOP)

Carnegie Investment Counsel boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,746 shares of the software maker’s stock after buying an additional 428 shares during the period. Carnegie Investment Counsel’s holdings in Shopify were worth $11,244,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SHOP. Axxcess Wealth Management LLC raised its holdings in Shopify by 15.1% during the second quarter. Axxcess Wealth Management LLC now owns 12,469 shares of the software maker’s stock worth $824,000 after buying an additional 1,633 shares during the last quarter. Wealth Alliance increased its position in shares of Shopify by 26.2% during the second quarter. Wealth Alliance now owns 6,972 shares of the software maker’s stock worth $461,000 after acquiring an additional 1,448 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Shopify by 6.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 57,783 shares of the software maker’s stock worth $3,817,000 after acquiring an additional 3,631 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Shopify by 0.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 31,858 shares of the software maker’s stock valued at $2,094,000 after acquiring an additional 218 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in Shopify by 0.3% during the 2nd quarter. Blair William & Co. IL now owns 372,809 shares of the software maker’s stock valued at $24,624,000 after purchasing an additional 1,074 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on SHOP. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a report on Monday, October 7th. Canaccord Genuity Group raised their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Performance

Shares of SHOP stock opened at $103.47 on Friday. The firm’s 50 day moving average is $108.71 and its 200 day moving average is $85.17. The stock has a market capitalization of $133.70 billion, a P/E ratio of 96.71, a PEG ratio of 2.18 and a beta of 2.46. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.