National Wealth Management Group LLC Lowers Stock Position in Shopify Inc. (NYSE:SHOP)

National Wealth Management Group LLC cut its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.3% during the 3rd quarter, Holdings Channel reports. The firm owned 2,615 shares of the software maker’s stock after selling 668 shares during the quarter. National Wealth Management Group LLC’s holdings in Shopify were worth $210,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of 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 buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter worth $33,000. Brooklyn Investment Group bought a new position in Shopify in the 3rd quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton increased its position in shares of Shopify by 41.3% during the 3rd 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 last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Up 0.4 %

Shares of NYSE:SHOP opened at $112.55 on Thursday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock’s 50-day moving average is $87.75 and its 200 day moving average is $73.18. The company has a market cap of $145.23 billion, a PE ratio of 105.19, a P/E/G ratio of 2.92 and a beta of 2.36.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. Barclays increased their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Royal Bank of Canada raised their price target on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. Evercore raised their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.84.

About Shopify

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.