Assetmark Inc. Has $5.70 Million Stake in Shopify Inc. (NYSE:SHOP)

Assetmark Inc. raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 71,120 shares of the software maker’s stock after acquiring an additional 4,392 shares during the period. Assetmark Inc.’s holdings in Shopify were worth $5,700,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC grew its stake in Shopify by 735.0% during the first 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. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Shopify by 3.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after buying an additional 7,009 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after acquiring an additional 28,639 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares during the period. Finally, Dash Acquisitions Inc. bought a new position in Shopify during the third quarter worth $2,933,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 3.3 %

SHOP opened at $89.99 on Tuesday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $92.16. The company has a market cap of $116.12 billion, a PE ratio of 88.90, a price-to-earnings-growth ratio of 2.91 and a beta of 2.36. 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 company has a 50 day moving average of $78.41 and a 200 day moving average of $69.79.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Roth Mkm raised their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Barclays upped their target price on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Morgan Stanley lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

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, 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.