Shopify Inc. (NYSE:SHOP) Stock Position Lifted by Baltimore Washington Financial Advisors Inc.

Baltimore Washington Financial Advisors Inc. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,641 shares of the software maker’s stock after purchasing an additional 1,800 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Shopify were worth $6,623,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Cerity Partners LLC lifted its holdings in shares of Shopify by 35.8% in the 3rd quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock worth $6,891,000 after purchasing an additional 22,667 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in Shopify by 16.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 13,966 shares of the software maker’s stock valued at $1,119,000 after acquiring an additional 1,952 shares in the last quarter. Meridian Wealth Management LLC raised its stake in Shopify by 24.1% during the 3rd quarter. Meridian Wealth Management LLC now owns 115,781 shares of the software maker’s stock valued at $9,279,000 after acquiring an additional 22,502 shares in the last quarter. Raymond James Trust N.A. raised its stake in Shopify by 121.3% during the 3rd quarter. Raymond James Trust N.A. now owns 24,813 shares of the software maker’s stock valued at $1,989,000 after acquiring an additional 13,600 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Shopify by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock valued at $193,802,000 after acquiring an additional 136,530 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on SHOP shares. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Mizuho lifted their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Performance

Shares of Shopify stock opened at $106.96 on Friday. The stock has a market cap of $138.02 billion, a PE ratio of 99.96, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. 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 business has a fifty day simple moving average of $85.50 and a 200-day simple moving average of $72.12.

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.