Lake Street Private Wealth LLC Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Lake Street Private Wealth LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 6,510 shares of the software maker’s stock after selling 1,100 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Shopify were worth $692,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify in the third quarter worth about $33,000. Rosenberg Matthew Hamilton raised its position in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at approximately $45,000. Finally, GAMMA Investing LLC grew its stake in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $103.25 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market capitalization of $133.41 billion, a PE ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. The stock’s 50 day moving average price is $109.06 and its 200-day moving average price is $85.30. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Royal Bank of Canada raised their price target on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $115.00 to $125.00 in a research report on Monday, January 6th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target for the company. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Shopify 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.