HL Financial Services LLC Has $1.12 Million Position in Shopify Inc. (SHOP)

HL Financial Services LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) by 14.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,573 shares of the software maker’s stock after purchasing an additional 1,225 shares during the quarter. HL Financial Services LLC’s holdings in Shopify were worth $1,115,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Coatue Management LLC acquired a new position in Shopify during the 2nd quarter valued at about $228,174,000. FMR LLC increased its position in Shopify by 8.5% during the 2nd quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock valued at $1,090,644,000 after buying an additional 989,113 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of Shopify in the third quarter valued at about $109,344,000. Public Sector Pension investment Board acquired a new position in shares of Shopify in the second quarter valued at about $40,637,000. Finally, Franklin Resources Inc. increased its holdings in shares of Shopify by 1,871.5% in the second quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock valued at $34,607,000 after purchasing an additional 378,050 shares during the period. Hedge funds and other institutional investors own 54.09% of the company’s stock.

SHOP has been the topic of a number of research reports. Zacks Investment Research raised Shopify from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a report on Friday, July 28th. Vetr raised Shopify from a “buy” rating to a “strong-buy” rating and set a $102.78 target price on the stock in a report on Monday, July 24th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, September 5th. Monness Crespi & Hardt raised Shopify from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Friday, October 27th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $110.00 target price on shares of Shopify in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have assigned a buy rating to the stock. Shopify presently has an average rating of “Buy” and an average price target of $100.45.

Shopify Inc. (NYSE SHOP) traded down $1.61 during mid-day trading on Monday, reaching $98.41. The company’s stock had a trading volume of 292,960 shares, compared to its average volume of 2,129,771. The company has a quick ratio of 10.64, a current ratio of 10.64 and a debt-to-equity ratio of 0.02. Shopify Inc. has a one year low of $37.74 and a one year high of $123.94.

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About Shopify

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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