Fiduciary Trust Co Takes $548,000 Position in Shopify Inc. (NYSE:SHOP)

Fiduciary Trust Co acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,844 shares of the software maker’s stock, valued at approximately $548,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton increased its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Cultivar Capital Inc. bought a new position in Shopify in the second quarter valued at about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter worth about $33,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $115.60 on Friday. The stock has a market cap of $149.37 billion, a price-to-earnings ratio of 108.04, a price-to-earnings-growth ratio of 2.96 and a beta of 2.36. 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 stock has a 50 day moving average price of $89.16 and a 200-day moving average price of $73.96. Shopify Inc. has a one year low of $48.56 and a one year high of $116.35.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. The Goldman Sachs Group upped their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report 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 report on Tuesday, August 20th. Scotiabank lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Wedbush restated a “neutral” rating and issued a $115.00 price objective (up from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Finally, Argus raised Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $95.84.

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.