Dynamic Technology Lab Private Ltd Takes $660,000 Position in Shopify Inc. (NYSE:SHOP)

Dynamic Technology Lab Private Ltd purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,241 shares of the software maker’s stock, valued at approximately $660,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the second quarter valued at about $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. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Shopify during the second quarter worth about $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SHOP. Canaccord Genuity Group upped their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a research report on Tuesday, September 17th. Piper Sandler boosted their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Royal Bank of Canada raised their price target on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Robert W. Baird upped their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.84.

Shopify Stock Performance

Shares of SHOP stock opened at $112.54 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. 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 market cap of $145.22 billion, a P/E ratio of 105.18, a PEG ratio of 2.92 and a beta of 2.36. The firm has a fifty day moving average price of $88.42 and a 200 day moving average price of $73.45.

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.