Shopify Inc. (NYSE:SHOP) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 365,699 shares of the software maker’s stock after selling 245,140 shares during the quarter. Fred Alger Management LLC’s holdings in Shopify were worth $29,307,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of SHOP. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. FMR LLC boosted its stake in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. TD Asset Management Inc grew its holdings in Shopify by 6.9% during 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 during the period. Legal & General Group Plc raised its position 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 worth $544,017,000 after acquiring an additional 145,618 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 2.8 %

Shopify stock opened at $115.67 on Friday. The company has a market capitalization of $149.46 billion, a P/E ratio of 108.10, a P/E/G ratio of 2.96 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $116.35. The firm’s fifty day simple moving average is $89.16 and its 200-day simple moving average is $73.85. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

SHOP has been the topic of several recent research reports. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday, September 17th. Barclays raised their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Roth Mkm boosted their target price on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify 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.