Cypress Wealth Services LLC Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Cypress Wealth Services LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.5% in the fourth quarter, HoldingsChannel reports. The firm owned 16,515 shares of the software maker’s stock after buying an additional 555 shares during the quarter. Cypress Wealth Services LLC’s holdings in Shopify were worth $1,756,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. grew its stake in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC grew 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 worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Legal & General Group Plc increased its holdings in Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares during the period. The Manufacturers Life Insurance Company raised its position in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after buying an additional 1,621,981 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $103.47 on Friday. The stock has a market capitalization of $133.70 billion, a P/E ratio of 96.71, a P/E/G ratio of 2.18 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The company’s fifty day moving average is $108.71 and its two-hundred day moving average is $85.17.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SHOP shares. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. Wells Fargo & Company lifted their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.31.

About Shopify

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.