Northwest & Ethical Investments L.P. Increases Position in Shopify Inc. (NYSE:SHOP)

Northwest & Ethical Investments L.P. grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.2% during the third quarter, HoldingsChannel reports. The firm owned 171,374 shares of the software maker’s stock after acquiring an additional 8,410 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Shopify were worth $13,732,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify during the 3rd quarter worth $33,000. Rosenberg Matthew Hamilton grew its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Cultivar Capital Inc. acquired a new stake in Shopify during the second quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in Shopify during the second quarter worth about $33,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Citigroup upped their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research report on Tuesday, September 17th. Canaccord Genuity Group increased their target price 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, Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.84.

Shopify Stock Performance

Shares of SHOP traded up $0.46 during midday trading on Thursday, reaching $112.54. 4,665,567 shares of the stock were exchanged, compared to its average volume of 9,313,959. The company has a market capitalization of $145.22 billion, a price-to-earnings ratio of 105.19, a PEG ratio of 2.92 and a beta of 2.36. 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 twelve month low of $48.56 and a twelve month high of $115.62. The business’s 50-day moving average price is $87.75 and its 200 day moving average price is $73.18.

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.