Financial Counselors Inc. Trims Stake in Shopify Inc. (NYSE:SHOP)

Financial Counselors Inc. reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.5% in the 3rd quarter, Holdings Channel reports. The firm owned 76,726 shares of the software maker’s stock after selling 9,968 shares during the period. Financial Counselors Inc.’s holdings in Shopify were worth $6,149,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of 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. purchased a new stake in shares of Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the 2nd quarter valued at about $33,000. Brooklyn Investment Group purchased a new stake in shares of Shopify in the 3rd quarter valued at about $33,000. Finally, 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 valued at $36,000 after purchasing an additional 133 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Roth Mkm upped their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada upped their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.84.

Shopify Stock Up 0.4 %

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

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.