Loomis Sayles & Co. L P Lowers Position in Shopify Inc. (NYSE:SHOP)

Loomis Sayles & Co. L P decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,083,210 shares of the software maker’s stock after selling 442,553 shares during the quarter. Shopify accounts for approximately 1.6% of Loomis Sayles & Co. L P’s portfolio, making the stock its 17th largest holding. Loomis Sayles & Co. L P owned 1.17% of Shopify worth $1,208,768,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new stake in Shopify in the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify during the second quarter worth $33,000. Rosenberg Matthew Hamilton raised its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the second quarter valued at $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $106.96 on Monday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The company has a fifty day simple moving average of $85.50 and a two-hundred day simple moving average of $72.18. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $138.02 billion, a price-to-earnings ratio of 99.96, a price-to-earnings-growth ratio of 2.81 and a beta of 2.36.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Piper Sandler upped their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Robert W. Baird raised their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday. Argus upgraded Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company upped their target price on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

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.