Commonwealth Equity Services LLC Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Commonwealth Equity Services LLC lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 378,102 shares of the software maker’s stock after selling 7,464 shares during the period. Commonwealth Equity Services LLC’s holdings in Shopify were worth $24,425,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. SOA Wealth Advisors LLC. bought a new stake in Shopify in the second quarter valued at approximately $25,000. Park Place Capital Corp bought a new stake in Shopify during the 1st quarter valued at $27,000. Quintet Private Bank Europe S.A. bought a new stake in Shopify in the 1st quarter worth $33,000. HBC Financial Services PLLC bought a new stake in Shopify in the 2nd quarter worth $33,000. Finally, Kalos Management Inc. bought a new position in shares of Shopify during the first quarter valued at about $34,000. Hedge funds and other institutional investors own 60.28% of the company’s stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $69.51 on Tuesday. The company has a quick ratio of 7.23, a current ratio of 7.23 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $89.14 billion, a PE ratio of -76.38 and a beta of 2.08. The firm’s 50 day moving average price is $56.18 and its 200-day moving average price is $59.84. Shopify Inc. has a twelve month low of $32.35 and a twelve month high of $71.43.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. Mizuho boosted their price target on Shopify from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Monday, July 24th. Wedbush raised their price target on Shopify from $62.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. UBS Group reissued a “neutral” rating and set a $55.00 price objective on shares of Shopify in a research report on Friday, October 20th. TheStreet raised shares of Shopify from a “d” rating to a “c-” rating in a research report on Monday, November 13th. Finally, Robert W. Baird boosted their price target on shares of Shopify from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Twenty-three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.09.

Shopify Company 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, 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.