Shopify Inc. (NYSE:SHOP) Stock Position Raised by Sax Wealth Advisors LLC

Sax Wealth Advisors LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 49.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,076 shares of the software maker’s stock after buying an additional 1,348 shares during the quarter. Sax Wealth Advisors LLC’s holdings in Shopify were worth $433,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 16.1% in the third 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 in the last quarter. Legal & General Group Plc increased its position 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 buying an additional 145,618 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on SHOP shares. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Moffett Nathanson upped their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler lifted their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada upped their price target on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Performance

NYSE SHOP opened at $103.25 on Friday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The company has a 50 day moving average of $109.39 and a 200-day moving average of $85.57. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $133.41 billion, a price-to-earnings ratio of 96.50, a PEG ratio of 2.18 and a beta of 2.46.

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.