Creative Financial Designs Inc. ADV Cuts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Creative Financial Designs Inc. ADV reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.5% during the first quarter, Holdings Channel reports. The institutional investor owned 4,975 shares of the software maker’s stock after selling 520 shares during the quarter. Creative Financial Designs Inc. ADV’s holdings in Shopify were worth $475,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SHOP. Norges Bank bought a new stake in shares of Shopify in the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after buying an additional 3,849,796 shares in the last quarter. Marshall Wace LLP grew its position in Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after purchasing an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP grew its position in Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock worth $420,041,000 after purchasing an additional 1,836,294 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 0.5%

Shares of SHOP stock opened at $113.65 on Friday. The company’s 50-day moving average price is $103.68 and its 200-day moving average price is $104.80. The stock has a market cap of $147.45 billion, a price-to-earnings ratio of 73.32, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Benchmark lowered their price target on Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. BNP Paribas cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 5th. DA Davidson lifted their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Scotiabank decreased their price objective on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a research note on Monday, April 28th. Finally, National Bankshares decreased their price objective on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.66.

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.