Shopify Inc. (NYSE:SHOP) Shares Bought by Platform Technology Partners

Platform Technology Partners lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 23.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,904 shares of the software maker’s stock after purchasing an additional 916 shares during the quarter. Platform Technology Partners’ holdings in Shopify were worth $393,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify in the second quarter valued at approximately $33,000. Rosenberg Matthew Hamilton grew its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Shopify during the second quarter worth $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 3.3 %

SHOP stock opened at $89.99 on Tuesday. The stock has a market cap of $116.12 billion, a P/E ratio of 91.83, a PEG 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. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $92.16. The company’s 50 day moving average is $78.73 and its two-hundred day moving average is $69.92.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SHOP shares. UBS Group increased their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Loop Capital upped their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Royal Bank of Canada upped their price objective on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company lifted their target price on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price 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.