Commonwealth Equity Services LLC cut its position in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 1.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 378,102 shares of the software maker’s stock after selling 7,464 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Shopify were worth $24,425,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Industrial Alliance Investment Management Inc. increased its position in shares of Shopify by 292.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after purchasing an additional 82 shares during the period. Turim 21 Investimentos Ltda. bought a new position in Shopify in the 1st quarter valued at about $148,000. Fairfield Bush & CO. bought a new position in Shopify in the 1st quarter valued at about $169,000. First Manhattan Co. raised its position in shares of Shopify by 317.5% in the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after buying an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC lifted its holdings in shares of Shopify by 508.2% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock worth $201,000 after acquiring an additional 249 shares during the period. 60.28% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have commented on SHOP shares. Wedbush boosted their price objective on shares of Shopify from $62.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Citigroup upped their price objective on Shopify from $62.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Loop Capital decreased their target price on Shopify from $62.00 to $57.00 and set a “hold” rating on the stock in a research report on Monday, October 16th. Canaccord Genuity Group raised shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the stock from $60.00 to $70.00 in a report on Thursday, August 31st. Finally, StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. Twenty-three equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $65.09.
Shopify Trading Up 1.7 %
NYSE SHOP opened at $69.51 on Tuesday. Shopify Inc. has a 52 week low of $32.35 and a 52 week high of $71.43. The business has a 50 day moving average price of $56.18 and a 200-day moving average price of $59.84. The company has a quick ratio of 7.23, a current ratio of 7.23 and a debt-to-equity ratio of 0.13. The company has a market cap of $89.14 billion, a price-to-earnings ratio of -76.38 and a beta of 2.08.
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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