Parsons Capital Management Inc. RI Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Parsons Capital Management Inc. RI raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,019.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 43,925 shares of the software maker’s stock after purchasing an additional 40,000 shares during the period. Parsons Capital Management Inc. RI’s holdings in Shopify were worth $4,671,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Shopify during the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Shopify during the third quarter valued at approximately $45,000. Finally, GAMMA Investing LLC raised its stake in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after purchasing an additional 253 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shopify stock opened at $103.09 on Monday. 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 stock has a fifty day moving average price of $109.37 and a two-hundred day moving average price of $87.22. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The firm has a market capitalization of $133.21 billion, a P/E ratio of 97.19, a P/E/G ratio of 2.24 and a beta of 2.46.

Analyst Ratings Changes

SHOP has been the subject of several recent research reports. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 target price for the company. Mizuho boosted their price target on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Scotiabank upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

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.