Wellington Shields & Co. LLC raised its position in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 911.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,510 shares of the software maker's stock after purchasing an additional 39,209 shares during the quarter. Wellington Shields & Co. LLC's holdings in Shopify were worth $1,359,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SHOP. Evoke Wealth LLC lifted its holdings in shares of Shopify by 790.1% in the second quarter. Evoke Wealth LLC now owns 810 shares of the software maker's stock worth $25,000 after buying an additional 719 shares in the last quarter. Gradient Investments LLC lifted its holdings in shares of Shopify by 978.9% in the second quarter. Gradient Investments LLC now owns 820 shares of the software maker's stock worth $26,000 after buying an additional 744 shares in the last quarter. Trustcore Financial Services LLC lifted its holdings in shares of Shopify by 2,100.0% in the second quarter. Trustcore Financial Services LLC now owns 880 shares of the software maker's stock worth $27,000 after buying an additional 840 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Shopify by 352.1% in the second quarter. Larson Financial Group LLC now owns 850 shares of the software maker's stock worth $27,000 after buying an additional 662 shares in the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of Shopify by 1,680.0% in the second quarter. CVA Family Office LLC now owns 890 shares of the software maker's stock worth $28,000 after buying an additional 840 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Shopify Stock Down 1.4 %

Shares of SHOP stock traded down $0.51 during mid-day trading on Friday, hitting $36.26. 234,609 shares of the stock traded hands, compared to its average volume of 27,696,204. The stock has a market cap of $45.79 billion, a P/E ratio of -14.33 and a beta of 1.88. The stock's fifty day moving average is $31.52 and its two-hundred day moving average is $35.97. Shopify Inc. has a 52-week low of $23.63 and a 52-week high of $166.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.64 and a quick ratio of 6.64.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. DA Davidson boosted their target price on shares of Shopify to $34.00 in a report on Tuesday, November 1st. Canaccord Genuity Group lowered their target price on shares of Shopify from $45.00 to $40.00 in a report on Thursday, July 28th. Atlantic Securities upgraded shares of Shopify from a "neutral" rating to an "overweight" rating and set a $46.00 price target on the stock in a research report on Thursday, August 11th. TD Securities boosted their price target on shares of Shopify from $35.00 to $38.00 and gave the stock a "hold" rating in a research report on Friday, October 28th. Finally, Sumitomo Mitsui Financial Group reduced their price target on shares of Shopify from $53.00 to $40.00 and set an "outperform" rating on the stock in a research report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $61.86.

About Shopify

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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