Shopify Inc. (NYSE:SHOP) Stock Position Lowered by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,367 shares of the software maker’s stock after selling 485 shares during the period. Canvas Wealth Advisors LLC’s holdings in Shopify were worth $996,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Howland Capital Management LLC lifted its holdings in Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after acquiring an additional 99 shares during the last quarter. Trust Co. of Vermont lifted its stake in Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust boosted its holdings in Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after buying an additional 100 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after buying an additional 105 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. grew its position in Shopify by 3.3% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after buying an additional 107 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 1.1 %

Shares of Shopify stock opened at $117.33 on Monday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $122.81. The stock has a market capitalization of $151.60 billion, a P/E ratio of 109.65, a PEG ratio of 2.49 and a beta of 2.47. 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 stock has a 50 day moving average price of $110.91 and a two-hundred day moving average price of $90.72.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Canaccord Genuity Group increased their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. The Goldman Sachs Group upped their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Truist Financial raised their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

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.