Janney Montgomery Scott LLC Raises Stake in Shopify Inc. (NYSE:SHOP)

Janney Montgomery Scott LLC grew its holdings in Shopify Inc. (NYSE:SHOPFree Report) (TSE:SHOP) by 31.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 94,682 shares of the software maker’s stock after buying an additional 22,384 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Shopify were worth $5,167,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in Shopify during the fourth quarter valued at $414,365,000. Scge Management L.P. lifted its position in shares of Shopify by 0.9% in the second quarter. Scge Management L.P. now owns 8,486,491 shares of the software maker’s stock valued at $548,227,000 after acquiring an additional 79,491 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Shopify by 4.4% in the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock valued at $389,052,000 after acquiring an additional 299,788 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Shopify by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 5,416,009 shares of the software maker’s stock worth $349,874,000 after buying an additional 194,064 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Shopify by 44.1% in the second quarter. Marshall Wace LLP now owns 4,601,132 shares of the software maker’s stock worth $297,233,000 after buying an additional 1,407,400 shares in the last quarter. Hedge funds and other institutional investors own 60.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SHOP. Jefferies Financial Group boosted their price objective on Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research note on Friday, January 5th. DA Davidson increased their price objective on Shopify from $75.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, December 6th. TheStreet raised Shopify from a “d” rating to a “c-” rating in a research report on Monday, November 13th. Roth Capital increased their price target on Shopify from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Finally, StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research report on Saturday, January 27th. Three equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $73.48.

Check Out Our Latest Research Report on SHOP

Shopify Stock Performance

NYSE:SHOP opened at $89.14 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.23 and a current ratio of 7.23. The firm’s fifty day simple moving average is $78.75 and its 200 day simple moving average is $66.04. Shopify Inc. has a twelve month low of $39.02 and a twelve month high of $91.57.

About Shopify

(Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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