Glenmede Trust Co. NA Acquires 61,697 Shares of Shopify Inc. (NYSE:SHOP)

Glenmede Trust Co. NA raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 209,581 shares of the software maker’s stock after purchasing an additional 61,697 shares during the period. Glenmede Trust Co. NA’s holdings in Shopify were worth $16,796,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SHOP. iA Global Asset Management Inc. boosted its holdings in Shopify by 28.3% in the first quarter. iA Global Asset Management Inc. now owns 14,155 shares of the software maker’s stock worth $1,092,000 after acquiring an additional 3,124 shares in the last quarter. Atria Investments Inc boosted its stake in Shopify by 9.0% in the 1st quarter. Atria Investments Inc now owns 75,648 shares of the software maker’s stock worth $5,838,000 after purchasing an additional 6,244 shares in the last quarter. Cetera Investment Advisers grew its position in Shopify by 414.8% during the 1st quarter. Cetera Investment Advisers now owns 280,607 shares of the software maker’s stock valued at $21,654,000 after purchasing an additional 226,096 shares during the last quarter. Cetera Advisors LLC raised its holdings in Shopify by 42.5% in the first quarter. Cetera Advisors LLC now owns 93,440 shares of the software maker’s stock worth $7,211,000 after buying an additional 27,885 shares during the last quarter. Finally, Soltis Investment Advisors LLC lifted its stake in shares of Shopify by 16.7% in the first quarter. Soltis Investment Advisors LLC now owns 4,238 shares of the software maker’s stock worth $327,000 after buying an additional 607 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. KeyCorp raised their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays lifted their target price on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Roth Mkm upped their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Argus upgraded Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 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, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $95.84.

Shopify Trading Up 0.4 %

Shares of SHOP stock opened at $112.54 on Friday. The stock’s 50-day moving average price is $88.42 and its 200-day moving average price is $73.45. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The stock has a market capitalization of $145.41 billion, a price-to-earnings ratio of 105.18, a price-to-earnings-growth ratio of 2.96 and a beta of 2.36. 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 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.