Carnegie Investment Counsel lessened its position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 31.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 105,318 shares of the software maker’s stock after selling 49,023 shares during the period. Carnegie Investment Counsel’s holdings in Shopify were worth $8,440,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% in the 2nd 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. Cultivar Capital Inc. acquired a new position in Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify in the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Shopify during the 2nd quarter valued at about $39,000. Finally, Private Wealth Management Group LLC increased its stake in shares of Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after acquiring an additional 180 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.
Shopify Stock Performance
SHOP stock opened at $83.24 on Friday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market cap of $107.27 billion, a P/E ratio of -489.65, a P/E/G ratio of 2.79 and a beta of 2.36. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The stock’s 50 day simple moving average is $74.19 and its 200 day simple moving average is $68.71.
Wall Street Analyst Weigh In
A number of research firms have recently commented on SHOP. Wolfe Research began coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective for the company. Wedbush reaffirmed a “neutral” rating and set a $72.00 price objective (up previously from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Shopify in a research note on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, UBS Group boosted their target price on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $78.97.
View Our Latest Report on SHOP
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.
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