National Wealth Management Group LLC acquired a new position in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,781 shares of the software maker’s stock, valued at approximately $212,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SOA Wealth Advisors LLC. acquired a new stake in Shopify in the second quarter worth approximately $25,000. Park Place Capital Corp acquired a new stake in shares of Shopify during the 1st quarter valued at $27,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of Shopify during the 1st quarter valued at $33,000. HBC Financial Services PLLC acquired a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Finally, Kalos Management Inc. acquired a new stake in shares of Shopify during the 1st quarter valued at $34,000. 60.28% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on SHOP shares. Scotiabank increased their price objective on Shopify from $60.00 to $65.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 1st. Moffett Nathanson raised Shopify from a “market perform” rating to an “outperform” rating and set a $76.00 target price for the company in a research report on Monday, July 24th. Morgan Stanley raised their target price on Shopify from $59.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 3rd. DA Davidson raised their target price on Shopify from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Finally, Canaccord Genuity Group raised Shopify from a “hold” rating to a “buy” rating and raised their target price for the stock from $60.00 to $70.00 in a research report on Thursday, August 31st. Twenty-three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $65.09.
Shopify Stock Performance
Shares of Shopify stock traded up $0.18 during trading on Thursday, reaching $68.03. The company’s stock had a trading volume of 2,254,539 shares, compared to its average volume of 15,018,408. Shopify Inc. has a one year low of $32.35 and a one year high of $71.43. The firm has a market cap of $87.25 billion, a price-to-earnings ratio of -74.57 and a beta of 2.08. The business’s fifty day moving average price is $55.92 and its 200-day moving average price is $59.37. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.23 and a current ratio of 7.23.
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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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