Shopify Inc. (NYSE:SHOP) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 365,699 shares of the software maker’s stock after selling 245,140 shares during the period. Fred Alger Management LLC’s holdings in Shopify were worth $29,307,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Swiss National Bank raised its stake in Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the period. Nations Financial Group Inc. IA ADV boosted its holdings in Shopify by 4.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after acquiring an additional 209 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Shopify by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock worth $193,802,000 after acquiring an additional 136,530 shares during the last quarter. Finally, Baker Avenue Asset Management LP raised its holdings in shares of Shopify by 10.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after purchasing an additional 21,265 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 2.8 %

Shares of NYSE:SHOP opened at $115.67 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $116.35. 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 company has a market cap of $149.46 billion, a PE ratio of 108.10, a P/E/G ratio of 2.96 and a beta of 2.36. The company’s 50-day moving average price is $89.16 and its 200 day moving average price is $73.85.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SHOP shares. Mizuho increased their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Truist Financial raised their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Piper Sandler upped their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research report on Tuesday, September 17th. Finally, Oppenheimer upped their target price on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One equities 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 given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $95.84.

Shopify Company Profile

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.