Shopify Inc. (NYSE:SHOP) Shares Bought by Alpha Cubed Investments LLC

Alpha Cubed Investments LLC grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 9,562 shares of the software maker’s stock after acquiring an additional 935 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Shopify were worth $1,017,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in shares of Shopify by 14.7% during 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 raised its position 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 purchasing an additional 5,869,795 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC increased 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 during the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.2 %

NYSE SHOP opened at $103.25 on Tuesday. The company’s fifty day simple moving average is $109.65 and its 200-day simple moving average is $86.09. The stock has a market cap of $133.41 billion, a P/E ratio of 96.50, a PEG ratio of 2.17 and a beta of 2.46. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barclays raised their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $115.00 to $125.00 in a report on Monday, January 6th. Wells Fargo & Company lifted their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

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.