Shopify Inc. (NYSE:SHOP) Shares Sold by Worth Asset Management LLC

Worth Asset Management LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,547 shares of the software maker’s stock after selling 740 shares during the quarter. Worth Asset Management LLC’s holdings in Shopify were worth $271,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SHOP. Swiss National Bank grew its position in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the period. Finally, Wahed Invest LLC grew its stake in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after buying an additional 8,960 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 0.8 %

Shares of NYSE:SHOP traded down $0.84 during midday trading on Wednesday, reaching $105.94. The company’s stock had a trading volume of 2,924,464 shares, compared to its average volume of 4,634,514. The firm has a market cap of $136.88 billion, a price-to-earnings ratio of 99.01, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The business has a 50 day moving average price of $105.71 and a 200 day moving average price of $83.66. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Mizuho increased their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Robert W. Baird lifted their price objective on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their target price on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $99.88.

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.