Wrapmanager Inc. Buys 1,672 Shares of Shopify Inc. (NYSE:SHOP)

Wrapmanager Inc. increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 13,574 shares of the software maker’s stock after acquiring an additional 1,672 shares during the quarter. Wrapmanager Inc.’s holdings in Shopify were worth $1,088,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Capital World Investors increased its position in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Baillie Gifford & Co. grew its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $105.90 on Tuesday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $82.73 and a two-hundred day simple moving average of $71.27. The stock has a market cap of $136.65 billion, a price-to-earnings ratio of 98.97, a PEG ratio of 3.45 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Wedbush reaffirmed a “neutral” rating and set a $115.00 target price (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Evercore ISI boosted their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Canaccord Genuity Group boosted their target price on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Finally, Loop Capital upped their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

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.