Shopify Inc. (NYSE:SHOP) Stock Holdings Cut by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 30,447 shares of the software maker’s stock after selling 4,303 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Shopify were worth $3,237,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Shopify during the third quarter valued at $33,000. Rosenberg Matthew Hamilton grew its stake in 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 in the last quarter. Truvestments Capital LLC acquired a new position in Shopify in the 3rd quarter worth about $45,000. Finally, GAMMA Investing LLC raised its stake in shares of Shopify by 73.5% during the 3rd 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. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Shopify in a research note on Wednesday. Piper Sandler increased their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their target price on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Shopify Trading Up 1.5 %

Shares of Shopify stock opened at $107.74 on Friday. The stock has a market capitalization of $139.22 billion, a P/E ratio of 100.70, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46. The company has a 50-day simple moving average of $109.37 and a 200 day simple moving average of $86.92. The company has a quick ratio of 7.10, a current 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 $120.72.

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.