Parsons Capital Management Inc. RI Increases Stake in Shopify Inc. (NYSE:SHOP)

Parsons Capital Management Inc. RI lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,019.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,925 shares of the software maker’s stock after buying an additional 40,000 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Shopify were worth $4,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group bought a new position in shares of Shopify in the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares in the last quarter. Truvestments Capital LLC bought a new position in shares of Shopify in the third quarter worth approximately $45,000. Finally, GAMMA Investing LLC lifted its stake in shares of Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 4.3 %

Shares of NYSE:SHOP opened at $103.09 on Monday. The stock has a market cap of $133.21 billion, a P/E ratio of 97.19, a P/E/G ratio of 2.24 and a beta of 2.46. The firm has a fifty day moving average price of $109.37 and a 200 day moving average price of $87.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $140.00 in a research report on Friday, December 6th. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. KeyCorp increased their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Citigroup increased their price objective on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, Oppenheimer raised their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average target price of $100.32.

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.