D.A. Davidson & CO. raised its stake in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 6.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,370 shares of the software maker’s stock after acquiring an additional 3,208 shares during the quarter. D.A. Davidson & CO.’s holdings in Shopify were worth $2,606,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of SHOP. Baillie Gifford & Co. increased its stake in shares of Shopify by 12.3% during the fourth quarter. Baillie Gifford & Co. now owns 72,447,961 shares of the software maker’s stock worth $2,514,667,000 after purchasing an additional 7,936,912 shares during the period. Vanguard Group Inc. increased its position in Shopify by 3.2% during the third quarter. Vanguard Group Inc. now owns 38,491,544 shares of the software maker’s stock worth $1,036,963,000 after acquiring an additional 1,198,494 shares during the period. Sands Capital Management LLC raised its stake in Shopify by 9.8% in the 4th quarter. Sands Capital Management LLC now owns 24,802,735 shares of the software maker’s stock worth $860,903,000 after purchasing an additional 2,222,488 shares in the last quarter. ARK Investment Management LLC boosted its holdings in Shopify by 5.3% in the 1st quarter. ARK Investment Management LLC now owns 13,985,791 shares of the software maker’s stock valued at $670,479,000 after purchasing an additional 706,688 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Shopify by 4.7% during the 4th quarter. Franklin Resources Inc. now owns 13,867,598 shares of the software maker’s stock worth $481,378,000 after purchasing an additional 618,195 shares in the last quarter. 58.14% of the stock is currently owned by institutional investors and hedge funds.
Shopify Stock Up 2.0 %
Shares of NYSE SHOP opened at $63.14 on Wednesday. The company’s 50 day moving average price is $61.67 and its 200-day moving average price is $50.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 6.71 and a current ratio of 6.71. Shopify Inc. has a 52-week low of $23.63 and a 52-week high of $67.36. The company has a market capitalization of $80.60 billion, a P/E ratio of -41.81 and a beta of 2.03.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. DA Davidson boosted their price target on Shopify from $50.00 to $67.00 in a research note on Friday, May 5th. Oppenheimer upped their target price on Shopify from $70.00 to $80.00 in a research report on Tuesday, June 20th. Royal Bank of Canada raised their price target on Shopify from $65.00 to $75.00 in a research report on Friday, May 5th. Jefferies Financial Group upped their price objective on shares of Shopify from $44.00 to $65.00 in a research report on Sunday, June 11th. Finally, Loop Capital reissued a “hold” rating on shares of Shopify in a report on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.20.
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, 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.
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