Avidian Wealth Enterprises LLC Decreases Stake in Shopify Inc. (NYSE:SHOP)

Avidian Wealth Enterprises LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,417 shares of the software maker’s stock after selling 451 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Shopify were worth $363,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Howland Capital Management LLC boosted its position in shares of Shopify by 2.0% during the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of Shopify by 9.9% during the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares in the last quarter. First United Bank & Trust boosted its position in shares of Shopify by 2.2% during the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after purchasing an additional 100 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after purchasing an additional 105 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. boosted its position in shares of Shopify by 3.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after purchasing an additional 107 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 5.9 %

Shares of NYSE:SHOP opened at $127.65 on Friday. 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 1 year low of $48.56 and a 1 year high of $128.00. The stock has a market capitalization of $164.93 billion, a P/E ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. The stock has a 50-day simple moving average of $111.43 and a 200-day simple moving average of $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its 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 year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SHOP shares. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Monday. ATB Capital lifted their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday. TD Securities lifted their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Evercore ISI lifted their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.14.

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.