Blueshift Asset Management LLC Trims Holdings in Shopify Inc. (NYSE:SHOP)

Blueshift Asset Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 88.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,462 shares of the software maker’s stock after selling 43,719 shares during the period. Blueshift Asset Management LLC’s holdings in Shopify were worth $438,000 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 lifted its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter worth $33,000. Brooklyn Investment Group acquired a new position in Shopify in the third quarter worth $33,000. Finally, Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. Robert W. Baird lifted their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Roth Mkm lifted their target price on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Wells Fargo & Company increased their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Citigroup boosted their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Truist Financial increased their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.84.

Shopify Trading Up 0.4 %

Shares of SHOP opened at $112.54 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $115.62. The stock has a market capitalization of $145.41 billion, a P/E ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36. The business’s 50-day moving average price is $88.42 and its 200 day moving average price is $73.45.

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.