Spinnaker Trust Trims Position in Shopify Inc. (NYSE:SHOP)

Spinnaker Trust trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,137 shares of the software maker’s stock after selling 700 shares during the period. Spinnaker Trust’s holdings in Shopify were worth $227,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Brooklyn Investment Group purchased a new stake in shares of Shopify in the third quarter valued at about $33,000. Rosenberg Matthew Hamilton increased its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. New Wave Wealth Advisors LLC acquired a new position in shares of Shopify during the fourth quarter worth about $39,000. Mather Group LLC. increased its stake in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the period. Finally, Truvestments Capital LLC acquired a new position in shares of Shopify during the third quarter worth about $45,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $128.36 on Friday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $165.85 billion, a P/E ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $128.57. The firm’s 50 day moving average is $111.90 and its two-hundred day moving average is $92.75.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Analysts expect that Shopify Inc. will post 0.91 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. ATB Capital boosted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. CIBC boosted their price target on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group boosted their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.21.

Shopify 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.