Grassi Investment Management lifted its holdings in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 63.2% in the 3rd quarter, Holdings Channel reports. The firm owned 36,780 shares of the software maker’s stock after acquiring an additional 14,250 shares during the period. Grassi Investment Management’s holdings in Shopify were worth $2,948,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Greystone Financial Group LLC purchased a new stake in Shopify in the third quarter worth approximately $363,000. X Square Capital LLC boosted its stake in Shopify by 10.7% in the third quarter. X Square Capital LLC now owns 9,573 shares of the software maker’s stock worth $767,000 after buying an additional 927 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in Shopify in the third quarter worth approximately $219,000. International Assets Investment Management LLC boosted its stake in Shopify by 7,928.7% in the third quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock worth $91,513,000 after buying an additional 1,127,692 shares in the last quarter. Finally, Detalus Advisors LLC purchased a new stake in Shopify in the third quarter worth approximately $222,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.
Shopify Trading Up 0.7 %
Shopify stock opened at $80.20 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The stock has a market capitalization of $103.35 billion, a PE ratio of 81.28, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The business’s fifty day moving average is $76.94 and its 200 day moving average is $69.00.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on SHOP. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Barclays increased their price objective on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Evercore increased their price objective on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Finally, Roth Mkm increased their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.36.
View Our Latest Stock Report on SHOP
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.
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