Synovus Financial Corp Makes New Investment in Shopify Inc. (NYSE:SHOP)

Synovus Financial Corp bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,996 shares of the software maker’s stock, valued at approximately $481,000.

A number of other hedge funds have also made changes to their positions in SHOP. Wilmington Savings Fund Society FSB acquired a new stake in shares of Shopify in the third quarter worth $615,000. World Investment Advisors LLC boosted its holdings in Shopify by 113.4% during the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock valued at $1,022,000 after acquiring an additional 6,776 shares during the period. Sanctuary Advisors LLC grew its position in shares of Shopify by 11.6% in the third quarter. Sanctuary Advisors LLC now owns 151,227 shares of the software maker’s stock valued at $12,119,000 after purchasing an additional 15,740 shares during the last quarter. TCW Group Inc. increased its stake in shares of Shopify by 0.9% in the third quarter. TCW Group Inc. now owns 1,308,745 shares of the software maker’s stock worth $104,883,000 after purchasing an additional 11,903 shares during the period. Finally, TD Private Client Wealth LLC bought a new stake in Shopify during the 3rd quarter valued at approximately $1,232,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Mizuho lifted their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Scotiabank upped their price target on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Finally, Barclays lifted their price objective on 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 issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.03.

Shopify Trading Down 8.2 %

NYSE:SHOP opened at $109.70 on Thursday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The firm has a market capitalization of $141.74 billion, a price-to-earnings ratio of 102.52, a PEG ratio of 2.98 and a beta of 2.46. The business’s 50-day moving average price is $98.11 and its two-hundred day moving average price is $79.11.

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.