Bamco Inc. NY Buys 121,562 Shares of Shopify Inc. (NYSE:SHOP)

Bamco Inc. NY grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,720,481 shares of the software maker’s stock after buying an additional 121,562 shares during the period. Shopify makes up 0.6% of Bamco Inc. NY’s portfolio, making the stock its 29th biggest position. Bamco Inc. NY’s holdings in Shopify were worth $218,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify in the 2nd quarter valued at $33,000. Brooklyn Investment Group acquired a new position in Shopify in the 3rd quarter worth $33,000. Finally, Rosenberg Matthew Hamilton increased its holdings in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Wells Fargo & Company raised their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.84.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $115.60 on Monday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $116.35. The company’s 50 day moving average price is $89.16 and its two-hundred day moving average price is $74.06. The firm has a market cap of $149.37 billion, a PE ratio of 108.04, a PEG ratio of 3.04 and a beta of 2.36. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.