Shopify Inc. (NYSE:SHOP) Shares Sold by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 89.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,245 shares of the software maker’s stock after selling 19,289 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Shopify were worth $180,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Baillie Gifford & Co. raised its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. TD Asset Management Inc increased its position in shares of Shopify by 6.9% in the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after acquiring an additional 559,917 shares during the period. Legal & General Group Plc raised its stake in Shopify by 1.8% in the 2nd 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 during the last quarter. The Manufacturers Life Insurance Company lifted its position in Shopify by 7.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after acquiring an additional 533,111 shares during the period. Finally, Mackenzie Financial Corp grew its stake in Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SHOP. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. KeyCorp upped their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wedbush reiterated a “neutral” rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.84.

Shopify Trading Up 2.7 %

Shares of Shopify stock opened at $115.60 on Monday. 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 company has a fifty day simple moving average of $89.16 and a 200-day simple moving average of $74.06. The stock has a market cap of $149.37 billion, a price-to-earnings ratio of 108.04, a PEG ratio of 3.04 and a beta of 2.36. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $116.35.

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.