FFT Wealth Management LLC Sells 177 Shares of Shopify Inc. (NYSE:SHOP)

FFT Wealth Management LLC lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,523 shares of the software maker’s stock after selling 177 shares during the quarter. FFT Wealth Management LLC’s holdings in Shopify were worth $375,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Addison Advisors LLC lifted its position in shares of Shopify by 54.6% during the fourth quarter. Addison Advisors LLC now owns 586 shares of the software maker’s stock valued at $62,000 after buying an additional 207 shares during the last quarter. Prasad Wealth Partners LLC bought a new position in shares of Shopify during the 4th quarter worth approximately $2,748,000. IFP Advisors Inc lifted its position in Shopify by 15.3% during the fourth quarter. IFP Advisors Inc now owns 22,929 shares of the software maker’s stock valued at $2,438,000 after acquiring an additional 3,045 shares during the last quarter. Birchcreek Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $213,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Shopify in the fourth quarter worth $3,513,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. DA Davidson increased their price objective on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Scotiabank increased their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their price target on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price objective on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their target price on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One research 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

Shares of NYSE:SHOP opened at $110.89 on Wednesday. The business’s 50 day moving average price is $112.67 and its 200-day moving average price is $96.23. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market capitalization of $143.58 billion, a price-to-earnings ratio of 71.54, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share 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.