Peapack Gladstone Financial Corp Grows Holdings in Shopify Inc. (NYSE:SHOP)

Peapack Gladstone Financial Corp increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 29.3% in the third quarter, Holdings Channel reports. The institutional investor owned 9,551 shares of the software maker’s stock after acquiring an additional 2,162 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Shopify were worth $765,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its stake in shares of Shopify by 928.8% in the 2nd quarter. Blue Trust Inc. now owns 2,788 shares of the software maker’s stock valued at $184,000 after purchasing an additional 2,517 shares in the last quarter. Brookstone Capital Management raised its stake in Shopify by 26.0% during the second quarter. Brookstone Capital Management now owns 9,632 shares of the software maker’s stock valued at $624,000 after buying an additional 1,986 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Shopify by 7.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 418,878 shares of the software maker’s stock valued at $27,667,000 after buying an additional 27,562 shares in the last quarter. Parsons Capital Management Inc. RI bought a new position in Shopify during the 2nd quarter worth approximately $259,000. Finally, First Horizon Advisors Inc. grew its position in shares of Shopify by 8.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 5,831 shares of the software maker’s stock worth $385,000 after acquiring an additional 441 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. KeyCorp raised their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Robert W. Baird lifted their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group increased their price target on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.03.

Shopify Trading Down 0.6 %

NYSE:SHOP opened at $114.63 on Monday. The company has a market cap of $148.11 billion, a P/E ratio of 107.13, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The business has a 50 day moving average price of $96.14 and a two-hundred day moving average price of $78.06. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.