Baltimore Washington Financial Advisors Inc. Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Baltimore Washington Financial Advisors Inc. grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,641 shares of the software maker’s stock after acquiring an additional 1,800 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Shopify were worth $6,623,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Baillie Gifford & Co. lifted 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 valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. TD Asset Management Inc lifted its position in shares of Shopify by 6.9% during the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after acquiring an additional 559,917 shares during the period. Legal & General Group Plc raised its position in shares of Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Shopify by 7.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after purchasing an additional 533,111 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP opened at $106.96 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market capitalization of $138.02 billion, a P/E ratio of 99.96, a PEG ratio of 2.80 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a 50-day moving average of $85.50 and a 200-day moving average of $72.12.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research reports. Canaccord Genuity Group lifted their price objective on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price (up from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Finally, Robert W. Baird lifted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.95.

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.