Modus Advisors LLC Invests $64,000 in Shopify Inc. (NYSE:SHOP)

Modus Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 600 shares of the software maker’s stock, valued at approximately $64,000.

A number of other hedge funds have also bought and sold shares of the business. Baillie Gifford & Co. grew its stake 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 acquiring an additional 8,131,160 shares in the last quarter. FMR LLC increased 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 purchasing an additional 5,869,795 shares during the last quarter. Mackenzie Financial Corp raised its position in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the period. Clearbridge Investments LLC grew its position in Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $109.25 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. 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 $141.16 billion, a PE ratio of 102.10, a P/E/G ratio of 2.98 and a beta of 2.46. The firm has a 50-day moving average price of $103.89 and a 200 day moving average price of $82.45.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SHOP. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $140.00 in a research report on Friday, December 6th. JMP Securities reissued a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. The Goldman Sachs Group upped their price objective on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Barclays boosted their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.03.

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.