Townsquare Capital LLC Raises Stake in Shopify Inc. (NYSE:SHOP)

Townsquare Capital LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.8% in the third quarter, HoldingsChannel.com reports. The firm owned 481,447 shares of the software maker’s stock after acquiring an additional 118,961 shares during the quarter. Townsquare Capital LLC’s holdings in Shopify were worth $38,583,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the second quarter worth $33,000. Brooklyn Investment Group purchased a new stake in shares of Shopify in the third quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% during the third 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 last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $112.08 on Wednesday. The firm has a market cap of $144.63 billion, a PE ratio of 104.75, a price-to-earnings-growth ratio of 2.92 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The firm’s 50-day simple moving average is $87.00 and its 200-day simple moving average is $72.90. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Scotiabank raised their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently 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.