Dynamic Technology Lab Private Ltd Invests $660,000 in Shopify Inc. (NYSE:SHOP)

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 8,241 shares of the software maker’s stock, valued at approximately $660,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its stake in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. Mackenzie Financial Corp grew its position in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the last quarter. MUFG Securities EMEA plc boosted its stake in shares of Shopify by 11,507.2% during the second quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock valued at $99,488,000 after purchasing an additional 1,493,283 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Shopify by 52.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SHOP shares. Wedbush reiterated a “neutral” rating and set a $115.00 price objective (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Evercore ISI boosted their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Loop Capital raised their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Canaccord Genuity Group raised their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Price Performance

NYSE:SHOP opened at $112.54 on Friday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The stock’s 50-day moving average price is $88.42 and its 200-day moving average price is $73.45. The stock has a market capitalization of $145.22 billion, a PE ratio of 105.18, a price-to-earnings-growth ratio of 2.92 and a beta of 2.36.

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.