Portside Wealth Group LLC Sells 810 Shares of Shopify Inc. (NYSE:SHOP)

Portside Wealth Group LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,532 shares of the software maker’s stock after selling 810 shares during the quarter. Shopify comprises 1.4% of Portside Wealth Group LLC’s portfolio, making the stock its 14th biggest holding. Portside Wealth Group LLC’s holdings in Shopify were worth $8,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smith Salley Wealth Management bought a new stake in Shopify in the 4th quarter valued at $210,000. HB Wealth Management LLC boosted its position in shares of Shopify by 27.7% in the fourth quarter. HB Wealth Management LLC now owns 11,827 shares of the software maker’s stock valued at $1,258,000 after acquiring an additional 2,569 shares during the period. Trust Co. of Vermont grew its stake in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares in the last quarter. Stonekeep Investments LLC bought a new position in Shopify during the fourth quarter worth about $230,000. Finally, Howard Financial Services LTD. acquired a new stake in Shopify in the 4th quarter worth about $209,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SHOP shares. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Moffett Nathanson boosted their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average target price of $100.31.

Shopify Price Performance

SHOP opened at $103.25 on Friday. The firm has a market cap of $133.41 billion, a P/E ratio of 96.50, a PEG ratio of 2.18 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The firm has a 50-day moving average of $109.39 and a 200 day moving average of $85.57.

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.