Copperwynd Financial LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the second quarter, HoldingsChannel.com reports. The fund acquired 13,093 shares of the software maker’s stock, valued at approximately $801,000.
Other hedge funds also recently made changes to their positions in the company. Norden Group LLC purchased a new position in Shopify during the first quarter worth about $3,618,000. Silvercrest Asset Management Group LLC increased its position in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Shopify by 5.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares in the last quarter. FIL Ltd lifted its holdings in shares of Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after buying an additional 238,596 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after buying an additional 713,064 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.
Shopify Price Performance
Shares of Shopify stock opened at $79.21 on Friday. The business’s fifty day moving average price is $69.90 and its 200 day moving average price is $68.54. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $102.08 billion, a P/E ratio of -465.94, a PEG ratio of 2.69 and a beta of 2.35.
Analysts Set New Price Targets
Several research firms have issued reports on SHOP. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Roth Mkm increased their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Loop Capital lifted their price target on shares of Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.92.
Get Our Latest Research Report on Shopify
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.
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