MCIA Inc Takes $165,000 Position in Shopify Inc. (NYSE:SHOP)

MCIA Inc acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,060 shares of the software maker’s stock, valued at approximately $165,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter valued at $33,000. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton boosted its position in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP opened at $118.37 on Friday. The firm’s 50 day moving average is $92.58 and its two-hundred day moving average is $75.91. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The firm has a market capitalization of $152.95 billion, a P/E ratio of 110.63, a PEG ratio of 2.97 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of analyst reports. Moffett Nathanson upped their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler upped 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. Robert W. Baird upped their price objective on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Redburn Atlantic raised 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. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.08.

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.