Platform Technology Partners Purchases 916 Shares of Shopify Inc. (NYSE:SHOP)

Platform Technology Partners grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 23.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,904 shares of the software maker’s stock after buying an additional 916 shares during the period. Platform Technology Partners’ holdings in Shopify were worth $393,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group increased its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new position in shares of Shopify during the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton boosted its stake in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Shopify in the 2nd quarter worth approximately $39,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHOP. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. KeyCorp assumed coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Wolfe Research initiated coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Stock Up 3.3 %

Shares of SHOP opened at $89.99 on Tuesday. The stock has a 50 day moving average price of $78.73 and a 200 day moving average price of $69.92. Shopify Inc. has a one year low of $48.56 and a one year high of $92.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market capitalization of $116.12 billion, a price-to-earnings ratio of 91.83, a PEG ratio of 2.91 and a beta of 2.36.

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.