Sonora Investment Management Group LLC Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Sonora Investment Management Group LLC boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,346 shares of the software maker’s stock after acquiring an additional 229 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Shopify were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in shares of Shopify in the second quarter worth about $9,664,000. Anchor Investment Management LLC boosted its holdings in Shopify by 31.5% in the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock valued at $57,000 after purchasing an additional 207 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its position in shares of Shopify by 28.8% in the third quarter. Canandaigua National Bank & Trust Co. now owns 14,526 shares of the software maker’s stock worth $1,164,000 after buying an additional 3,249 shares in the last quarter. Finally, Delta Financial Group Inc. bought a new stake in Shopify during the third quarter valued at $223,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.1 %

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SHOP. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Canaccord Genuity Group raised their target price on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of Shopify in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.32.

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.