Traynor Capital Management Inc. Has $764,000 Stake in Shopify Inc. (NYSE:SHOP)

Traynor Capital Management Inc. lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,190 shares of the software maker’s stock after purchasing an additional 1,036 shares during the quarter. Traynor Capital Management Inc.’s holdings in Shopify were worth $764,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Swiss National Bank raised its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC raised its holdings in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the period. Finally, Nations Financial Group Inc. IA ADV increased its holdings in Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after purchasing an additional 209 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $106.39 on Thursday. The company has a 50 day moving average of $109.62 and a 200-day moving average of $86.37. The company has a market cap of $137.47 billion, a PE ratio of 99.43, a price-to-earnings-growth ratio of 2.23 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SHOP shares. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Truist Financial lifted their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Mizuho increased their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify 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.