Freedom Investment Management Inc. Decreases Position in Shopify Inc. (NYSE:SHOP)

Freedom Investment Management Inc. reduced its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,860 shares of the software maker’s stock after selling 1,246 shares during the period. Freedom Investment Management Inc.’s holdings in Shopify were worth $950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC increased its stake in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Shopify by 6.9% in the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after buying an additional 559,917 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 0.4 %

Shares of SHOP opened at $112.54 on Friday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The firm has a market capitalization of $145.41 billion, a P/E ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36. The firm has a 50-day moving average price of $88.42 and a 200 day moving average price of $73.45. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SHOP shares. Morgan Stanley lifted their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Truist Financial lifted their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Citigroup upped their price target on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, Wedbush reiterated a “neutral” rating and set a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. One equities 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

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.