Insight Holdings Group LLC Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Insight Holdings Group LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 109.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,100 shares of the software maker’s stock after purchasing an additional 28,800 shares during the period. Shopify comprises about 0.2% of Insight Holdings Group LLC’s portfolio, making the stock its 21st biggest holding. Insight Holdings Group LLC’s holdings in Shopify were worth $4,416,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in shares of Shopify by 73.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock valued at $171,000 after buying an additional 1,032 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Shopify in the 2nd quarter valued at $39,000. Mather Group LLC. boosted its holdings in Shopify by 2,216.7% in the second quarter. Mather Group LLC. now owns 2,085 shares of the software maker’s stock worth $138,000 after acquiring an additional 1,995 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Shopify by 10.6% during the second quarter. Harbor Capital Advisors Inc. now owns 37,972 shares of the software maker’s stock valued at $2,508,000 after acquiring an additional 3,629 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of Shopify by 31.0% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,314 shares of the software maker’s stock valued at $285,000 after acquiring an additional 1,020 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE:SHOP traded down $0.66 during trading hours on Tuesday, hitting $112.32. 987,784 shares of the company’s stock traded hands, compared to its average volume of 9,266,556. The business’s fifty day simple moving average is $89.16 and its two-hundred day simple moving average is $74.06. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $116.35. 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 firm has a market cap of $145.13 billion, a P/E ratio of 105.59, a P/E/G ratio of 3.04 and a beta of 2.46.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research reports. Morgan Stanley lifted their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Piper Sandler lifted their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a report on Tuesday, September 17th. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, Loop Capital lifted their target price on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.