Bogart Wealth LLC Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Bogart Wealth LLC lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 80,119 shares of the software maker’s stock after selling 2,040 shares during the period. Bogart Wealth LLC’s holdings in Shopify were worth $8,519,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. SFE Investment Counsel bought a new stake in shares of Shopify in the fourth quarter worth about $229,000. McClarren Financial Advisors Inc. grew its position in shares of Shopify by 225.0% in the 4th quarter. McClarren Financial Advisors Inc. now owns 520 shares of the software maker’s stock worth $55,000 after buying an additional 360 shares during the last quarter. Naples Global Advisors LLC increased its stake in shares of Shopify by 22.2% during the fourth quarter. Naples Global Advisors LLC now owns 4,709 shares of the software maker’s stock valued at $501,000 after buying an additional 855 shares during the period. Van ECK Associates Corp raised its holdings in shares of Shopify by 18.2% during the fourth quarter. Van ECK Associates Corp now owns 49,444 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 7,615 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Shopify by 150.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker’s stock valued at $51,121,000 after acquiring an additional 285,737 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $127.65 on Friday. The company has a 50 day simple moving average of $111.43 and a two-hundred day simple moving average of $92.02. 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 firm has a market cap of $164.93 billion, a P/E ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $128.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. Equities analysts forecast that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Canaccord Genuity Group raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Wedbush restated an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research note on Tuesday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price target on shares of Shopify in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $125.14.

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.