Avanza Fonder AB Acquires Shares of 24,907 Shopify Inc. (NYSE:SHOP)

Avanza Fonder AB bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 24,907 shares of the software maker’s stock, valued at approximately $2,648,000.

Other institutional investors have also modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% in the 2nd 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 in the last quarter. Brooklyn Investment Group acquired a new stake in Shopify in the third quarter valued at $33,000. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Truvestments Capital LLC acquired a new position in Shopify during the 3rd quarter worth $45,000. Finally, GAMMA Investing LLC grew its holdings in Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Scotiabank increased their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Royal Bank of Canada upped their price target on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Robert W. Baird raised their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, KeyCorp boosted 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. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Performance

NYSE:SHOP opened at $103.25 on Friday. 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 has a 50-day moving average of $109.06 and a 200-day moving average of $85.30. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The firm has a market cap of $133.41 billion, a price-to-earnings ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46.

Shopify 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.