Rockefeller Capital Management L.P. decreased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 30.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,059 shares of the software maker's stock after selling 69,813 shares during the period. Rockefeller Capital Management L.P.'s holdings in Shopify were worth $12,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% during 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 during the period. FMR LLC boosted its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Shopify by 6.9% during the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker's stock valued at $572,263,000 after acquiring an additional 559,917 shares in the last quarter. Legal & General Group Plc increased its position in shares of Shopify by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker's stock worth $544,017,000 after purchasing an additional 145,618 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Shopify by 6.3% during the 3rd 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 during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on SHOP shares. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Argus upgraded shares of Shopify to a "strong-buy" rating in a research note on Thursday, August 8th. Wells Fargo & Company raised their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Royal Bank of Canada lifted their target price on Shopify from $100.00 to $130.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, Redburn Atlantic raised Shopify from a "neutral" rating to a "buy" rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $95.84.
Get Our Latest Stock Report on SHOP
NYSE SHOP opened at $112.98 on Tuesday. The business's fifty day simple moving average is $89.16 and its 200-day simple moving average is $74.06. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $145.98 billion, a PE ratio of 105.59, a P/E/G ratio of 3.04 and a beta of 2.46. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $116.35.
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.
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