PDT Partners LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

PDT Partners LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 40,800 shares of the software maker’s stock, valued at approximately $3,270,000.

Other institutional investors have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its position 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 acquiring an additional 200 shares during the period. Brooklyn Investment Group bought a new position in Shopify in the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Finally, Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $33,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wedbush restated a “neutral” rating and set a $115.00 price objective (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Roth Mkm raised their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $95.84.

Shopify Trading Up 2.8 %

Shares of SHOP opened at $115.67 on Friday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $116.35. The company has a 50-day moving average of $89.16 and a 200 day moving average of $73.85. The firm has a market capitalization of $149.46 billion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.96 and a beta of 2.36. 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 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.