Zurcher Kantonalbank Zurich Cantonalbank Has $35.29 Million Holdings in Shopify Inc. (NYSE:SHOP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 440,375 shares of the software maker’s stock after selling 5,636 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Shopify were worth $35,292,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its holdings 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 valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the second quarter worth approximately $33,000. Brooklyn Investment Group acquired a new position in shares of Shopify in the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton increased 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 worth $36,000 after purchasing an additional 133 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

NYSE SHOP opened at $112.54 on Friday. The company has a market cap of $145.41 billion, a PE ratio of 105.18, a price-to-earnings-growth 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. The firm’s 50-day simple moving average is $88.42 and its two-hundred day simple moving average is $73.45. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. KeyCorp raised their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research note on Tuesday, September 17th. Royal Bank of Canada raised their price objective on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.84.

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.