Shopify Inc. (NYSE:SHOP) Position Trimmed by Pitcairn Co.

Pitcairn Co. trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,349 shares of the software maker’s stock after selling 734 shares during the period. Pitcairn Co.’s holdings in Shopify were worth $1,310,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its holdings in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the second quarter worth approximately $33,000. Rosenberg Matthew Hamilton boosted its holdings in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify during the second quarter worth approximately $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

NYSE SHOP opened at $106.96 on Friday. 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 firm has a market capitalization of $138.02 billion, a price-to-earnings ratio of 99.96, a P/E/G ratio of 2.80 and a beta of 2.36. The company’s fifty day moving average is $85.50 and its two-hundred day moving average is $72.12. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62.

Analyst Ratings Changes

Several equities research analysts recently commented on SHOP shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Mizuho upped their price target on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Wedbush restated a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Argus upgraded shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Piper Sandler upped their price target on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.95.

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.