Shopify Inc. (NYSE:SHOP) Position Increased by D.A. Davidson & CO.

D.A. Davidson & CO. increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 83,448 shares of the software maker’s stock after acquiring an additional 9,839 shares during the period. D.A. Davidson & CO.’s holdings in Shopify were worth $6,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the last quarter. Private Trust Co. NA lifted its position in Shopify by 1.7% in the 3rd quarter. Private Trust Co. NA now owns 8,854 shares of the software maker’s stock valued at $710,000 after purchasing an additional 147 shares during the last quarter. Truvestments Capital LLC acquired a new position in Shopify during the 3rd quarter valued at about $45,000. Finally, Brown Brothers Harriman & Co. bought a new position in Shopify in the 3rd quarter worth about $274,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SHOP shares. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. KeyCorp lifted their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Barclays raised their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada upped their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. 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 assigned a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Price Performance

Shares of NYSE:SHOP opened at $112.55 on Thursday. The company’s fifty day moving average is $87.75 and its two-hundred day moving average is $73.18. The company has a market cap of $145.23 billion, a P/E ratio of 105.19, a price-to-earnings-growth ratio of 2.92 and a beta of 2.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.