Pine Valley Investments Ltd Liability Co Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Pine Valley Investments Ltd Liability Co trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,722 shares of the software maker’s stock after selling 231 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Shopify were worth $459,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC lifted 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 valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Mackenzie Financial Corp lifted its holdings in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the period. Clearbridge Investments LLC boosted its position in shares of Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 0.6 %

Shares of Shopify stock opened at $114.63 on Friday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The company has a market capitalization of $148.11 billion, a PE ratio of 107.13, a P/E/G ratio of 3.05 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business has a 50-day moving average of $96.14 and a 200-day moving average of $77.79.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday. Wells Fargo & Company boosted their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday, October 7th. The Goldman Sachs Group lifted their price objective on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, sixteen have issued 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 a consensus target price of $99.03.

About Shopify

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.