Prospect Financial Services LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 3,591 shares of the software maker’s stock, valued at approximately $288,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify during the second quarter worth $39,000. Finally, Private Wealth Management Group LLC boosted its holdings in Shopify by 53.3% in the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after purchasing an additional 180 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.
Shopify Stock Performance
Shares of NYSE SHOP opened at $81.94 on Wednesday. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The stock has a market capitalization of $105.59 billion, a price-to-earnings ratio of 83.61, a PEG ratio of 2.77 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $75.37 and its 200 day simple moving average is $68.72.
Analysts Set New Price Targets
A number of research firms have recently issued reports on SHOP. Argus upgraded shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Roth Mkm raised their price target on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $85.00 price objective on shares of Shopify in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.
Check Out Our Latest Stock Analysis on SHOP
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.
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