Shopify Inc. (NYSE:SHOP) Shares Sold by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,367 shares of the software maker’s stock after selling 485 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Shopify were worth $996,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SHOP. Baillie Gifford & Co. lifted its holdings in Shopify by 14.7% in 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 purchasing an additional 8,131,160 shares in the last quarter. FMR LLC lifted its stake in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the period. National Bank of Canada FI boosted its position in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after acquiring an additional 1,325,350 shares during the period. Finally, Jennison Associates LLC acquired a new position in Shopify in the 4th quarter valued at $132,323,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SHOP. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Truist Financial upped their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, KeyCorp lifted their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $100.32.

Shopify Trading Down 1.1 %

Shares of SHOP stock opened at $117.33 on Monday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $122.81. The firm 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 stock has a fifty day moving average of $110.91 and a two-hundred day moving average of $90.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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.