Arete Wealth Advisors LLC Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Arete Wealth Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, HoldingsChannel.com reports. The fund acquired 7,123 shares of the software maker’s stock, valued at approximately $568,000.

Several other large investors also recently added to or reduced their stakes in the business. Swiss National Bank increased its position in Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after acquiring an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after buying an additional 209 shares in the last quarter. Finally, Wahed Invest LLC increased its stake in Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 1.7 %

Shares of NYSE:SHOP opened at $115.34 on Friday. 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 50 day simple moving average of $94.75 and a 200-day simple moving average of $77.12. The company has a market capitalization of $149.02 billion, a PE ratio of 107.79, a P/E/G ratio of 3.05 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SHOP. Barclays boosted their target price on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Oppenheimer increased their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Mizuho raised their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Royal Bank of Canada increased their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.03.

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.