Whitaker Myers Wealth Managers LTD. Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Whitaker Myers Wealth Managers LTD. purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,313 shares of the software maker’s stock, valued at approximately $459,000.

A number of other institutional investors have also made changes to their positions in the business. Baillie Gifford & Co. raised its holdings in shares of Shopify by 14.7% in 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. FMR LLC raised its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Legal & General Group Plc raised its holdings in Shopify by 1.8% during the 2nd 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 raised its holdings in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after purchasing an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Barclays boosted their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Oppenheimer boosted their price objective on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Mizuho boosted their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Trading Down 0.2 %

Shares of Shopify stock opened at $103.25 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. The business’s 50 day moving average is $109.39 and its 200-day moving average is $85.57. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72. The stock has a market cap of $133.41 billion, a P/E ratio of 96.50, a P/E/G ratio of 2.18 and a beta of 2.46.

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.