Perigon Wealth Management LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

Perigon Wealth Management LLC raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 7,787 shares of the software maker’s stock after acquiring an additional 491 shares during the quarter. Perigon Wealth Management LLC’s holdings in Shopify were worth $806,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC raised its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Shopify by 52.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after acquiring an additional 1,325,350 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in Shopify by 7,928.7% in the third quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock valued at $91,513,000 after acquiring an additional 1,127,692 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SHOP. Scotiabank upped their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Wells Fargo & Company increased their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Mizuho boosted their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. Finally, Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

Shopify Price Performance

NYSE SHOP opened at $116.70 on Friday. The company has a 50-day moving average price of $110.16 and a 200-day moving average price of $88.30. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $122.00. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $150.79 billion, a P/E ratio of 109.07, a PEG ratio of 2.45 and a beta of 2.46.

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.