Adero Partners LLC Buys Shares of 2,303 Shopify Inc. (NYSE:SHOP)

Adero Partners LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 2,303 shares of the software maker’s stock, valued at approximately $245,000.

Other hedge funds have also recently made changes to their positions in the company. Swiss National Bank raised its stake in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the period. Jennison Associates LLC bought a new stake in shares of Shopify in the fourth quarter valued at $132,323,000. Watts Gwilliam & Co. LLC grew its position in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in shares of Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Down 2.6 %

Shares of SHOP stock opened at $118.61 on Friday. The stock has a market capitalization of $153.26 billion, a PE ratio of 110.86, a P/E/G ratio of 2.46 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.81. The business has a 50-day moving average of $110.75 and a 200 day moving average of $89.95. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Oppenheimer lifted their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. KeyCorp lifted their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $100.32.

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.