5,996 Shares in Shopify Inc. (NYSE:SHOP) Bought by Synovus Financial Corp

Synovus Financial Corp bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, HoldingsChannel reports. The firm bought 5,996 shares of the software maker’s stock, valued at approximately $481,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Baillie Gifford & Co. raised its holdings in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC raised its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. TD Asset Management Inc lifted its position in Shopify by 6.9% during the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after purchasing an additional 559,917 shares during the period. Legal & General Group Plc grew its stake in Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings 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 buying an additional 484,561 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP opened at $109.70 on Thursday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The business’s fifty day moving average is $98.11 and its 200 day moving average is $79.11. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market cap of $141.74 billion, a price-to-earnings ratio of 102.52, a PEG ratio of 2.98 and a beta of 2.46.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Scotiabank boosted their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Truist Financial upped their price objective on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.03.

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.