Advisors Asset Management Inc. Sells 7,413 Shares of Shopify Inc. (NYSE:SHOP)

Advisors Asset Management Inc. decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.0% in the third quarter, Holdings Channel reports. The firm owned 366,015 shares of the software maker’s stock after selling 7,413 shares during the quarter. Shopify accounts for about 0.5% of Advisors Asset Management Inc.’s portfolio, making the stock its 24th biggest position. Advisors Asset Management Inc.’s holdings in Shopify were worth $29,332,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SHOP. Capital World Investors lifted its position in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Baillie Gifford & Co. lifted 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 buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank increased its position in Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 1.2 %

SHOP stock opened at $104.58 on Wednesday. The firm has a fifty day moving average price of $83.46 and a 200 day moving average price of $71.48. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The firm has a market cap of $134.95 billion, a PE ratio of 97.74, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.10 and a current ratio of 7.10.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Citigroup boosted their target price on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Evercore ISI upped their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Royal Bank of Canada lifted 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. Finally, Truist Financial upped their price objective on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

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.