Eventide Asset Management LLC Acquires Shares of 14,456 Shopify Inc. (NYSE:SHOP)

Eventide Asset Management LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,456 shares of the software maker’s stock, valued at approximately $1,159,000.

Other large investors also recently modified their holdings of the company. Baillie Gifford & Co. increased its stake in 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 purchasing an additional 8,131,160 shares in the last quarter. FMR LLC increased its position in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp increased its position 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 worth $417,386,000 after acquiring an additional 2,102,939 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its position in Shopify by 11,507.2% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock valued at $99,488,000 after acquiring an additional 1,493,283 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on SHOP shares. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday. Loop Capital upped their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. KeyCorp raised their price objective on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, Morgan Stanley increased their target price on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $95.84.

Shopify Stock Up 2.8 %

SHOP stock opened at $115.67 on Friday. The stock has a 50-day simple moving average of $89.16 and a two-hundred day simple moving average of $73.85. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $116.35. The firm has a market capitalization of $149.46 billion, a PE ratio of 108.10, a PEG ratio of 2.96 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.

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.