Highland Capital Management LLC Lowers Stake in Shopify Inc. (NYSE:SHOP)

Highland Capital Management LLC lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,030 shares of the software maker’s stock after selling 400 shares during the period. Highland Capital Management LLC’s holdings in Shopify were worth $2,023,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of SHOP. Forsta AP Fonden lifted its holdings in Shopify by 21.5% during the fourth quarter. Forsta AP Fonden now owns 369,500 shares of the software maker’s stock valued at $39,306,000 after purchasing an additional 65,400 shares in the last quarter. BOCHK Asset Management Ltd lifted its stake in Shopify by 47.8% in the 4th quarter. BOCHK Asset Management Ltd now owns 131,500 shares of the software maker’s stock valued at $13,982,000 after buying an additional 42,500 shares in the last quarter. R Squared Ltd acquired a new stake in Shopify in the 4th quarter worth about $128,000. BSW Wealth Partners purchased a new stake in Shopify during the 4th quarter worth approximately $269,000. Finally, Prospect Financial Services LLC raised its holdings in shares of Shopify by 40.2% during the fourth quarter. Prospect Financial Services LLC now owns 5,033 shares of the software maker’s stock valued at $535,000 after acquiring an additional 1,442 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 2.3 %

SHOP opened at $119.23 on Friday. The business has a fifty day moving average price of $109.91 and a 200 day moving average price of $88.09. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72. The stock has a market capitalization of $154.06 billion, a price-to-earnings ratio of 111.43, a PEG ratio of 2.45 and a beta of 2.46.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SHOP shares. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. Finally, Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

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.