Shopify Inc. (NYSE:SHOP) Position Boosted by Swiss National Bank

Swiss National Bank lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,657,800 shares of the software maker’s stock after purchasing an additional 33,300 shares during the quarter. Swiss National Bank owned 0.28% of Shopify worth $293,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV grew its holdings in Shopify by 4.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the period. Baker Avenue Asset Management LP lifted its holdings in shares of Shopify by 10.9% during the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after acquiring an additional 21,265 shares during the period. Atria Investments Inc lifted its holdings in shares of Shopify by 16.8% during the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after acquiring an additional 22,832 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Shopify by 3.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after acquiring an additional 7,009 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shopify stock opened at $108.49 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $139.99 billion, a PE ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. The stock has a 50-day moving average price of $81.97 and a two-hundred day moving average price of $71.02.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SHOP shares. Mizuho lifted their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Evercore ISI lifted their price objective on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Robert W. Baird lifted their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

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, 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.