Atomi Financial Group Inc. Grows Stake in Shopify Inc. (NYSE:SHOP)

Atomi Financial Group Inc. grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 36.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,211 shares of the software maker’s stock after purchasing an additional 5,656 shares during the period. Atomi Financial Group Inc.’s holdings in Shopify were worth $2,255,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in Shopify by 14.7% during the 3rd 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. FMR LLC boosted its holdings in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Legal & General Group Plc boosted its holdings in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after purchasing an additional 145,618 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after purchasing an additional 484,561 shares during the period. Finally, National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after buying an additional 1,621,981 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $103.25 on Tuesday. The firm has a market capitalization of $133.41 billion, a PE ratio of 96.50, a P/E/G ratio of 2.17 and a beta of 2.46. The stock’s 50 day moving average is $109.65 and its two-hundred day moving average is $86.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. 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 Analysts Forecast Growth

Several equities analysts have recently weighed in on SHOP shares. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. New Street Research assumed coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Canaccord Genuity Group boosted their price target on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada lifted their target price on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $100.31.

Shopify 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.