Foundations Investment Advisors LLC Decreases Stock Holdings in Shopify Inc. $SHOP

Foundations Investment Advisors LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 52.1% during the third quarter, Holdings Channel.com reports. The firm owned 9,478 shares of the software maker’s stock after selling 10,324 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Shopify were worth $1,409,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Triton Financial Group Inc purchased a new position in Shopify in the third quarter worth $1,931,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Shopify by 4.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after purchasing an additional 218,829 shares during the last quarter. TriaGen Wealth Management LLC acquired a new stake in shares of Shopify in the 3rd quarter worth $2,562,000. Triasima Portfolio Management inc. grew its stake in Shopify by 22.4% during the 3rd quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock worth $24,416,000 after buying an additional 30,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Shopify by 9.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after buying an additional 35,113 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

NASDAQ:SHOP opened at $131.23 on Friday. The firm has a market capitalization of $170.84 billion, a P/E ratio of 97.21, a PEG ratio of 4.23 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The company’s fifty day moving average price is $158.37 and its 200-day moving average price is $151.31.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. Royal Bank Of Canada set a $200.00 price target on Shopify and gave the stock an “outperform” rating in a research note on Monday, January 26th. National Bankshares lifted their target price on shares of Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Wells Fargo & Company restated an “overweight” rating and set a $198.00 price target (up previously from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Canaccord Genuity Group lifted their price objective on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, Robert W. Baird boosted their price objective on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Twenty-four analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the company’s stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $171.61.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.