Angeles Investment Advisors LLC Sells 7,804 Shares of Shopify Inc. (NYSE:SHOP)

Angeles Investment Advisors LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 75.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,587 shares of the software maker’s stock after selling 7,804 shares during the quarter. Angeles Investment Advisors LLC’s holdings in Shopify were worth $275,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SHOP. Congress Wealth Management LLC DE bought a new stake in Shopify during the 4th quarter valued at $13,448,000. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. Optimum Investment Advisors grew its holdings in Shopify by 14.8% during the 4th quarter. Optimum Investment Advisors now owns 4,547 shares of the software maker’s stock worth $483,000 after acquiring an additional 587 shares in the last quarter. Guardian Partners Inc. bought a new position in Shopify during the 4th quarter worth about $1,683,000. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of Shopify by 610.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 602,134 shares of the software maker’s stock valued at $64,015,000 after purchasing an additional 517,339 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SHOP shares. Piper Sandler increased their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. ATB Capital boosted their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group raised their price objective on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of Shopify stock opened at $104.29 on Monday. The firm has a 50-day simple moving average of $110.04 and a two-hundred day simple moving average of $99.73. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market cap of $135.04 billion, a P/E ratio of 67.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 12.00% and a net margin of 22.74%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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.