Vance Wealth Inc. Takes $317,000 Position in Shopify Inc. (NYSE:SHOP)

Vance Wealth Inc. bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,953 shares of the software maker’s stock, valued at approximately $317,000.

Several other hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% in 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. Capital World Investors increased its position in shares of Shopify by 26.2% in 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 acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD increased its position 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 valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Capital International Investors increased its position in shares of Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after acquiring an additional 542,503 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Shopify by 6.9% in 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. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on SHOP shares. Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Loop Capital increased their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Oppenheimer increased their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reaffirmed a “neutral” rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, KeyCorp increased their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Down 2.4 %

Shares of SHOP stock opened at $105.90 on Tuesday. The company’s 50-day moving average price is $82.73 and its 200-day moving average price is $71.27. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.10. 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 twelve month low of $48.56 and a twelve month high of $115.62.

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.