Financial Advocates Investment Management Lowers Holdings in Shopify Inc. (NYSE:SHOP)

Financial Advocates Investment Management lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,878 shares of the software maker’s stock after selling 1,348 shares during the period. Financial Advocates Investment Management’s holdings in Shopify were worth $5,516,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. Aprio Wealth Management LLC purchased a new position in Shopify during the 3rd quarter worth $236,000. Kesler Norman & Wride LLC increased its position in Shopify by 1.9% during the 3rd quarter. Kesler Norman & Wride LLC now owns 9,538 shares of the software maker’s stock valued at $764,000 after buying an additional 180 shares in the last quarter. Alpha Cubed Investments LLC raised its stake in Shopify by 30.7% in the third quarter. Alpha Cubed Investments LLC now owns 8,627 shares of the software maker’s stock valued at $691,000 after buying an additional 2,028 shares during the last quarter. Finally, Axiom Advisory LLC raised its stake in Shopify by 1.6% in the third quarter. Axiom Advisory LLC now owns 10,880 shares of the software maker’s stock valued at $872,000 after buying an additional 170 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 2.3 %

Shares of Shopify stock opened at $121.89 on Thursday. Shopify Inc. has a one year low of $48.56 and a one year high of $122.00. The company has a market cap of $157.49 billion, a P/E ratio of 113.91, a PEG ratio of 2.46 and a beta of 2.47. 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 firm has a fifty day moving average of $110.57 and a two-hundred day moving average of $89.73.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Barclays boosted their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Truist Financial raised their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their price objective on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

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.