R Squared Ltd Buys New Position in Shopify Inc. (NYSE:SHOP)

R Squared Ltd purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,200 shares of the software maker’s stock, valued at approximately $128,000.

Other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC lifted its stake in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. National Bank of Canada FI increased its position 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 acquiring an additional 1,621,981 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after acquiring an additional 1,325,350 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Shopify by 7,928.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock worth $91,513,000 after acquiring an additional 1,127,692 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHOP. Robert W. Baird raised their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of Shopify in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Price Performance

SHOP stock opened at $116.69 on Thursday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The firm has a market capitalization of $150.77 billion, a PE ratio of 109.05, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business has a 50 day simple moving average of $109.65 and a 200-day simple moving average of $87.89.

Shopify Company 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.