V2 Financial group LLC Sells 760 Shares of Shopify Inc. (NYSE:SHOP)

V2 Financial group LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 25,492 shares of the software maker’s stock after selling 760 shares during the quarter. Shopify makes up about 1.6% of V2 Financial group LLC’s portfolio, making the stock its 11th largest holding. V2 Financial group LLC’s holdings in Shopify were worth $2,711,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SHOP. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC increased its stake in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after acquiring an additional 471,280 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 1.1 %

Shares of NYSE SHOP opened at $117.33 on Monday. The stock has a market capitalization of $151.60 billion, a PE ratio of 109.65, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $122.81. The stock’s fifty day simple moving average is $110.91 and its two-hundred day simple moving average is $90.72.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Scotiabank raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. KeyCorp raised their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Mizuho upped their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Truist Financial increased their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $100.32.

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.