Park Avenue Securities LLC Has $3.75 Million Position in Shopify Inc. (NYSE:SHOP)

Park Avenue Securities LLC boosted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 35,278 shares of the software maker’s stock after purchasing an additional 6,505 shares during the quarter. Park Avenue Securities LLC’s holdings in Shopify were worth $3,751,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group boosted its holdings in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Brooklyn Investment Group acquired a new position in Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Truvestments Capital LLC acquired a new stake in shares of Shopify during the 3rd quarter worth approximately $45,000. Finally, GAMMA Investing LLC raised its stake in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. The Goldman Sachs Group lifted 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. Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Wells Fargo & Company boosted their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird increased their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Stock Performance

Shares of SHOP opened at $103.47 on Friday. The company has a market cap of $133.70 billion, a PE ratio of 96.71, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. The firm has a 50-day moving average of $108.71 and a 200-day moving average of $85.17. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

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.