Shopify Inc. (NYSE:SHOP) Position Increased by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 27,894 shares of the software maker’s stock after acquiring an additional 1,309 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Shopify were worth $1,802,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 17.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,790,842 shares of the software maker’s stock valued at $1,380,234,000 after buying an additional 4,193,801 shares in the last quarter. Franklin Resources Inc. raised its holdings in Shopify by 2.2% during the first quarter. Franklin Resources Inc. now owns 14,167,758 shares of the software maker’s stock valued at $679,218,000 after buying an additional 300,160 shares in the last quarter. Norges Bank bought a new position in shares of Shopify in the fourth quarter worth about $414,365,000. FIL Ltd increased its stake in shares of Shopify by 63.9% in the first quarter. FIL Ltd now owns 11,823,375 shares of the software maker’s stock worth $566,892,000 after purchasing an additional 4,607,831 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of Shopify by 0.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,956,159 shares of the software maker’s stock worth $469,333,000 after purchasing an additional 91,508 shares during the period. 60.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SHOP shares. TheStreet upgraded Shopify from a “d” rating to a “c-” rating in a research note on Monday, November 13th. Mizuho lifted their price objective on Shopify from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday, July 24th. CIBC lifted their price objective on Shopify from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Piper Sandler lifted their price objective on Shopify from $50.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. Finally, Veritas Investment Research set a $52.00 price objective on Shopify and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Twenty-three investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.09.

Shopify Stock Up 1.6 %

Shares of SHOP opened at $68.34 on Friday. The company has a market capitalization of $87.64 billion, a P/E ratio of -75.10 and a beta of 2.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 7.23 and a quick ratio of 7.23. Shopify Inc. has a one year low of $32.35 and a one year high of $71.43. The business’s 50 day simple moving average is $56.08 and its 200-day simple moving average is $59.66.

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, 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.