Pitcairn Co. Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Pitcairn Co. reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,349 shares of the software maker’s stock after selling 734 shares during the period. Pitcairn Co.’s holdings in Shopify were worth $1,310,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the last quarter. Finally, Baker Avenue Asset Management LP boosted its position in Shopify by 10.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after buying an additional 21,265 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 0.5 %

Shopify stock opened at $106.96 on Friday. The firm has a 50 day simple moving average of $85.50 and a 200-day simple moving average of $72.12. 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 has a market capitalization of $138.02 billion, a PE ratio of 99.96, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Loop Capital upped their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Roth Mkm upped their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

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.