HBW Advisory Services LLC Decreases Position in Shopify Inc. (NYSE:SHOP)

HBW Advisory Services LLC lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,613 shares of the software maker’s stock after selling 699 shares during the quarter. HBW Advisory Services LLC’s holdings in Shopify were worth $384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swiss National Bank increased its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its holdings in Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Shopify during the third quarter worth $33,676,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $103.91 on Friday. The firm has a market cap of $134.26 billion, a price-to-earnings ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $107.35 and its two-hundred day moving average is $84.27. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SHOP shares. Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Citigroup raised their price target on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Canaccord Genuity Group raised their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $100.31.

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.