Cerity Partners LLC Increases Position in Shopify Inc. (NYSE:SHOP)

Cerity Partners LLC lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 35.8% in the 3rd quarter, Holdings Channel reports. The firm owned 85,993 shares of the software maker’s stock after purchasing an additional 22,667 shares during the quarter. Cerity Partners LLC’s holdings in Shopify were worth $6,891,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its position in shares of Shopify by 14.7% during 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 during the period. TD Asset Management Inc increased its stake in Shopify by 6.9% in the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after purchasing an additional 559,917 shares in the last quarter. Legal & General Group Plc raised its holdings 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 purchasing an additional 145,618 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Shopify by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after purchasing an additional 533,111 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shopify stock opened at $112.55 on Thursday. The firm has a fifty day moving average of $87.75 and a 200-day moving average of $73.18. Shopify Inc. has a 52-week low of $48.56 and a 52-week 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 firm has a market capitalization of $145.23 billion, a P/E ratio of 105.19, a PEG ratio of 2.92 and a beta of 2.36.

Wall Street Analyst Weigh In

Several research firms recently commented on SHOP. KeyCorp boosted their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Mizuho increased their price target on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Barclays lifted their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Royal Bank of Canada increased their target price on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One equities research 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.84.

Shopify 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.