Blue Trust Inc. Lowers Holdings in Shopify Inc. (NYSE:SHOP)

Blue Trust Inc. trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 66.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,811 shares of the software maker’s stock after selling 3,657 shares during the quarter. Blue Trust Inc.’s holdings in Shopify were worth $193,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SHOP. Brooklyn Investment Group purchased a new stake in shares of Shopify in the 3rd quarter worth $33,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the 4th quarter worth $39,000. Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in shares of Shopify in the 3rd quarter worth $45,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several recent research reports. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Mizuho boosted their price target on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Evercore ISI boosted their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their price target on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Down 1.3 %

Shares of SHOP opened at $127.60 on Thursday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market capitalization of $164.87 billion, a price-to-earnings ratio of 82.32, a PEG ratio of 5.06 and a beta of 2.47. The stock’s 50-day moving average price is $112.68 and its 200-day moving average price is $94.46.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts anticipate that Shopify Inc. will post 1.11 EPS for the current fiscal year.

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.