Davies Financial Advisors Inc. Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Davies Financial Advisors Inc. cut its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,343 shares of the software maker’s stock after selling 200 shares during the quarter. Davies Financial Advisors Inc.’s holdings in Shopify were worth $249,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SHOP. Baillie Gifford & Co. raised its stake in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC grew its holdings in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Legal & General Group Plc increased its position in shares of Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 0.2 %

SHOP stock opened at $103.25 on Tuesday. The stock has a market cap of $133.41 billion, a P/E ratio of 96.50, a PEG ratio of 2.17 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The company’s 50 day moving average is $109.39 and its two-hundred day moving average is $85.84.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SHOP shares. Truist Financial upped their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Piper Sandler lifted their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.