Baillie Gifford & Co. Has $5.08 Billion Position in Shopify Inc. (NYSE:SHOP)

Baillie Gifford & Co. raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,366,308 shares of the software maker’s stock after acquiring an additional 8,131,160 shares during the period. Shopify comprises approximately 3.8% of Baillie Gifford & Co.’s portfolio, making the stock its 5th biggest holding. Baillie Gifford & Co. owned about 4.91% of Shopify worth $5,078,176,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. GQG Partners LLC increased its holdings in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors boosted its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. Mackenzie Financial Corp raised its holdings in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Morgan Stanley lifted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, UBS Group upped their price objective on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Price Performance

SHOP opened at $89.99 on Tuesday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The business’s fifty day simple moving average is $78.73 and its 200-day simple moving average is $69.92. The company 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 Inc. has a 12-month low of $48.56 and a 12-month high of $92.16.

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.