Glenmede Trust Co. NA Increases Holdings in Shopify Inc. (NYSE:SHOP)

Glenmede Trust Co. NA increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 209,581 shares of the software maker’s stock after acquiring an additional 61,697 shares during the period. Glenmede Trust Co. NA’s holdings in Shopify were worth $16,796,000 at the end of the most recent quarter.

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

Shopify Stock Up 0.4 %

NYSE:SHOP opened at $112.54 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. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a market cap of $145.41 billion, a PE ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36. The company’s 50 day moving average is $88.42 and its two-hundred day moving average is $73.45.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Evercore ISI upped their price target on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Piper Sandler lifted their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Finally, Scotiabank lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.