M3 Advisory Group LLC Makes New $258,000 Investment in Shopify Inc. (NYSE:SHOP)

M3 Advisory Group LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,430 shares of the software maker’s stock, valued at approximately $258,000.

Several other hedge funds have also recently modified their holdings of SHOP. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC grew its holdings in shares of Shopify by 16.1% during 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. Legal & General Group Plc increased its position in shares of Shopify by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after acquiring an additional 145,618 shares during the period. The Manufacturers Life Insurance Company raised its stake 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 worth $658,248,000 after acquiring an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $140.00 in a report on Friday, December 6th. Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Citigroup lifted their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $130.00 target price on shares of Shopify in a research report on Wednesday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Trading Up 1.5 %

Shares of Shopify stock opened at $107.74 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock’s 50 day simple moving average is $109.37 and its 200-day simple moving average is $86.92. The stock has a market cap of $139.22 billion, a P/E ratio of 100.70, a P/E/G ratio of 2.24 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

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.