Shopify Inc. (NYSE:SHOP) Shares Sold by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,240 shares of the software maker’s stock after selling 127 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Shopify were worth $882,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Allianz SE purchased a new position in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC increased its holdings in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Shopify in the fourth quarter valued at approximately $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SHOP shares. BMO Capital Markets started coverage on Shopify in a research note on Tuesday, May 6th. They issued an “outperform” rating and a $120.00 price objective for the company. Loop Capital reduced their price target on shares of Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. BNP Paribas cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Monday, May 5th. Scotiabank cut their target price on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Monday, April 28th. Finally, National Bankshares decreased their price target on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.66.

Shopify Price Performance

NYSE:SHOP opened at $113.07 on Friday. The firm has a market cap of $146.69 billion, a price-to-earnings ratio of 72.95, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm’s fifty day moving average price is $103.08 and its 200 day moving average price is $104.80. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

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.