Concorde Asset Management LLC bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 946 shares of the software maker’s stock, valued at approximately $968,000.
Other institutional investors have also modified their holdings of the company. Morgan Stanley raised its holdings in shares of Shopify by 21.9% during the first quarter. Morgan Stanley now owns 5,248,062 shares of the software maker’s stock worth $2,188,075,000 after acquiring an additional 942,540 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Shopify by 11.5% during the second quarter. Jennison Associates LLC now owns 3,300,244 shares of the software maker’s stock worth $3,132,592,000 after acquiring an additional 341,548 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Shopify by 171.0% during the second quarter. Toronto Dominion Bank now owns 387,560 shares of the software maker’s stock worth $368,099,000 after acquiring an additional 244,534 shares in the last quarter. Coatue Management LLC raised its holdings in shares of Shopify by 12,090.1% during the second quarter. Coatue Management LLC now owns 166,639 shares of the software maker’s stock worth $158,173,000 after acquiring an additional 165,272 shares in the last quarter. Finally, Softbank Group Corp purchased a new stake in shares of Shopify during the second quarter worth $114,113,000. 59.45% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:SHOP traded down $4.38 during trading on Monday, reaching $1,021.84. The stock had a trading volume of 28,512 shares, compared to its average volume of 2,703,097. Shopify Inc. has a 52 week low of $282.08 and a 52 week high of $1,146.91. The business’s 50-day moving average price is $995.46 and its 200 day moving average price is $876.82. The stock has a market capitalization of $123.77 billion, a PE ratio of -1,682.30, a P/E/G ratio of 96.18 and a beta of 1.48.
Several analysts recently issued reports on the company. KeyCorp increased their price objective on Shopify from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Tuesday, October 6th. Roth Capital raised their target price on Shopify from $850.00 to $1,000.00 and gave the company a “neutral” rating in a report on Wednesday, October 14th. Atlantic Securities started coverage on Shopify in a report on Wednesday, August 26th. They set an “overweight” rating and a $1,150.00 target price on the stock. ValuEngine upgraded Shopify from a “hold” rating to a “buy” rating in a report on Thursday, October 1st. Finally, Mizuho restated a “neutral” rating and set a $1,050.00 target price on shares of Shopify in a report on Friday, September 4th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $1,022.25.
Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.
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