Soltis Investment Advisors LLC Grows Position in Shopify Inc. (NYSE:SHOP)

Soltis Investment Advisors LLC grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 115.5% during the 4th quarter, Holdings Channel reports. The fund owned 6,062 shares of the software maker’s stock after buying an additional 3,249 shares during the period. Soltis Investment Advisors LLC’s holdings in Shopify were worth $645,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. FMR LLC raised its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. National Bank of Canada FI raised its position in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after buying an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after buying an additional 1,325,350 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in Shopify in the 4th quarter worth about $132,323,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $119.88 on Tuesday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $110.91 and its two-hundred day moving average price is $90.95. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $123.41. The stock has a market cap of $154.89 billion, a PE ratio of 112.04, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $140.00 in a research note on Friday, December 6th. KeyCorp raised their target price on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Mizuho raised their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Moffett Nathanson lifted their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $101.74.

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.