Zacks Investment Management Reduces Position in Shopify Inc. (NYSE:SHOP)

Zacks Investment Management lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,715 shares of the software maker’s stock after selling 287 shares during the quarter. Zacks Investment Management’s holdings in Shopify were worth $289,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. World Investment Advisors LLC lifted its position in shares of Shopify by 113.4% during the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock worth $1,022,000 after acquiring an additional 6,776 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Shopify during the 3rd quarter valued at $615,000. Synovus Financial Corp purchased a new stake in Shopify during the 3rd quarter worth about $481,000. Peapack Gladstone Financial Corp boosted its stake in Shopify by 29.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock worth $765,000 after purchasing an additional 2,162 shares during the period. Finally, Beaird Harris Wealth Management LLC grew its holdings in Shopify by 700.0% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 1,000 shares of the software maker’s stock valued at $80,000 after buying an additional 875 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.4 %

Shares of Shopify stock opened at $83.65 on Friday. The company has a market cap of $108.31 billion, a PE ratio of 53.97, a P/E/G ratio of 4.82 and a beta of 2.82. The business has a 50 day moving average of $100.46 and a 200 day moving average of $101.62. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results 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 return on equity of 12.00% and a net margin of 22.74%. On average, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. ATB Capital raised their price objective on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. The Goldman Sachs Group increased their price objective on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Citigroup boosted their target price on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned 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 an average price target of $120.94.

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.