Acropolis Investment Management LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Acropolis Investment Management LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,700 shares of the software maker’s stock, valued at approximately $136,000.

A number of other hedge funds have also recently modified their holdings of SHOP. Caisse DE Depot ET Placement DU Quebec boosted its stake in Shopify by 10.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,559,921 shares of the software maker’s stock worth $125,108,000 after purchasing an additional 150,572 shares in the last quarter. Circle Wealth Management LLC boosted its stake in Shopify by 65.1% in the 3rd quarter. Circle Wealth Management LLC now owns 33,163 shares of the software maker’s stock worth $2,658,000 after purchasing an additional 13,072 shares in the last quarter. PDT Partners LLC bought a new position in Shopify in the 3rd quarter worth about $3,270,000. Eventide Asset Management LLC bought a new position in Shopify in the 3rd quarter worth about $1,159,000. Finally, Icon Wealth Advisors LLC boosted its stake in Shopify by 32.7% in the 3rd quarter. Icon Wealth Advisors LLC now owns 52,584 shares of the software maker’s stock worth $4,214,000 after purchasing an additional 12,958 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the topic of several research analyst reports. Robert W. Baird upped their target price on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. JMP Securities upped their target price on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their target price on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, KeyCorp upped their target price on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Stock Performance

NYSE SHOP opened at $115.60 on Friday. The stock has a market capitalization of $149.37 billion, a PE ratio of 108.04, a P/E/G ratio of 3.04 and a beta of 2.36. The business has a 50 day simple moving average of $89.16 and a two-hundred day simple moving average of $73.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $116.35.

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.