West Family Investments Inc. Grows Holdings in Shopify Inc. (NYSE:SHOP)

West Family Investments Inc. boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.3% in the third quarter, HoldingsChannel reports. The fund owned 6,097 shares of the software maker’s stock after acquiring an additional 762 shares during the period. West Family Investments Inc.’s holdings in Shopify were worth $489,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Capital World Investors grew its stake in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares during the last quarter. Baillie Gifford & Co. boosted its holdings 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. Price T Rowe Associates Inc. MD grew its stake in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 49.9% during 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 in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of several recent analyst reports. KeyCorp lifted their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley lifted their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Loop Capital upped their price target on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

SHOP opened at $103.80 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market capitalization of $133.94 billion, a price-to-earnings ratio of 98.97, a PEG ratio of 3.45 and a beta of 2.36. The company has a fifty day moving average of $82.73 and a 200 day moving average of $71.27. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $115.62.

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.