Shopify Inc. (NYSE:SHOP) Position Lifted by Wahed Invest LLC

Wahed Invest LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,624 shares of the software maker’s stock after buying an additional 8,960 shares during the quarter. Shopify comprises 0.8% of Wahed Invest LLC’s investment portfolio, making the stock its 22nd largest holding. Wahed Invest LLC’s holdings in Shopify were worth $4,618,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quadrature Capital Ltd lifted its stake in Shopify by 5.7% in the 3rd quarter. Quadrature Capital Ltd now owns 1,558,400 shares of the software maker’s stock valued at $124,984,000 after purchasing an additional 84,300 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Shopify by 47.0% during the third quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker’s stock valued at $3,122,000 after purchasing an additional 12,455 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in shares of Shopify by 1.6% in the third quarter. Royal London Asset Management Ltd. now owns 329,882 shares of the software maker’s stock valued at $26,437,000 after buying an additional 5,108 shares during the period. Murchinson Ltd. acquired a new stake in Shopify during the 3rd quarter worth approximately $360,000. Finally, IHT Wealth Management LLC raised its position in Shopify by 13.6% during the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker’s stock worth $678,000 after purchasing an additional 1,011 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $114.08 on Friday. The stock has a market cap of $147.40 billion, a P/E ratio of 106.62, a P/E/G ratio of 2.94 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock’s fifty day moving average is $91.80 and its 200 day moving average is $75.37. Shopify Inc. has a one year low of $48.56 and a one year high of $116.35.

Analyst Ratings Changes

A number of research firms recently commented on SHOP. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. The Goldman Sachs Group lifted their price objective on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. UBS Group upped their price target on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Oppenheimer increased their price target on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.