Shopify Inc. (NYSE:SHOP) Shares Acquired by M&T Bank Corp

M&T Bank Corp increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.4% during the third quarter, Holdings Channel.com reports. The fund owned 42,051 shares of the software maker’s stock after buying an additional 1,001 shares during the period. M&T Bank Corp’s holdings in Shopify were worth $3,370,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the third 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 during the last quarter. FMR LLC grew its holdings in shares of Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Shopify by 6.9% in the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after acquiring an additional 559,917 shares in the last quarter. Legal & General Group Plc boosted its holdings in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after purchasing an additional 145,618 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after purchasing an additional 484,561 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on SHOP. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Robert W. Baird boosted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Royal Bank of Canada raised their price target on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have issued 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.03.

Shopify Stock Down 0.6 %

SHOP stock opened at $114.63 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. 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 market cap of $148.11 billion, a P/E ratio of 107.13, a P/E/G ratio of 3.05 and a beta of 2.46. The company’s 50-day moving average price is $96.14 and its 200 day moving average price is $77.79.

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.