Sound Income Strategies LLC lifted its stake in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 8,100.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 164 shares of the software maker’s stock after buying an additional 162 shares during the quarter. Sound Income Strategies LLC’s holdings in Shopify were worth $34,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Shopify during the 4th quarter valued at $101,062,000. Baillie Gifford & Co. raised its stake in shares of Shopify by 21.7% during the 4th quarter. Baillie Gifford & Co. now owns 3,788,009 shares of the software maker’s stock worth $524,449,000 after purchasing an additional 674,648 shares during the period. WCM Investment Management LLC raised its stake in shares of Shopify by 5.7% during the 4th quarter. WCM Investment Management LLC now owns 6,599,190 shares of the software maker’s stock worth $913,657,000 after purchasing an additional 357,313 shares during the period. Toronto Dominion Bank raised its stake in shares of Shopify by 492.2% during the 4th quarter. Toronto Dominion Bank now owns 392,788 shares of the software maker’s stock worth $54,381,000 after purchasing an additional 326,462 shares during the period. Finally, Capital World Investors bought a new stake in shares of Shopify during the 3rd quarter worth $34,208,000. 64.93% of the stock is owned by institutional investors.
Shares of SHOP stock opened at $222.28 on Friday. The company has a quick ratio of 15.35, a current ratio of 15.35 and a debt-to-equity ratio of 0.01. Shopify Inc has a fifty-two week low of $117.64 and a fifty-two week high of $227.39. The company has a market capitalization of $24.54 billion, a price-to-earnings ratio of -364.39 and a beta of 1.53.
A number of equities research analysts have recently commented on the company. Macquarie lifted their target price on Shopify to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 27th. National Bank Financial lifted their price objective on Shopify from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday. Wedbush lifted their price objective on Shopify from $177.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, February 11th. Morgan Stanley lifted their price objective on Shopify from $158.00 to $173.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 13th. Finally, Raymond James lifted their target price on Shopify from $155.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday, February 13th. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Shopify presently has an average rating of “Buy” and a consensus price target of $198.30.
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Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, 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, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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