Brown Brothers Harriman & Co. Buys New Position in Shopify Inc. (NYSE:SHOP)

Brown Brothers Harriman & Co. bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, Holdings Channel reports. The firm bought 3,418 shares of the software maker’s stock, valued at approximately $274,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group boosted its holdings 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 acquiring an additional 200 shares during the period. Rosenberg Matthew Hamilton boosted its holdings in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Cultivar Capital Inc. purchased a new position in Shopify during the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify during the 2nd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the 2nd quarter valued at about $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research analyst reports. UBS Group raised their target price on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. JMP Securities lifted their price objective on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Barclays lifted their price objective on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Trading Up 0.4 %

NYSE:SHOP opened at $112.55 on Thursday. The firm has a market cap of $145.23 billion, a P/E ratio of 105.19, a PEG ratio of 2.92 and a beta of 2.36. 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 stock’s 50 day simple moving average is $87.75 and its 200-day simple moving average is $73.18. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62.

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.