Kingsview Wealth Management LLC Has $1.89 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Kingsview Wealth Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,568 shares of the software maker’s stock after selling 1,238 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Shopify were worth $1,889,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Cerity Partners LLC boosted its stake in Shopify by 35.8% in the 3rd quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock worth $6,891,000 after purchasing an additional 22,667 shares during the period. Great Valley Advisor Group Inc. boosted its position in shares of Shopify by 16.2% during the third quarter. Great Valley Advisor Group Inc. now owns 13,966 shares of the software maker’s stock worth $1,119,000 after buying an additional 1,952 shares during the period. Meridian Wealth Management LLC grew its holdings in shares of Shopify by 24.1% during the third quarter. Meridian Wealth Management LLC now owns 115,781 shares of the software maker’s stock worth $9,279,000 after buying an additional 22,502 shares in the last quarter. Raymond James Trust N.A. raised its position in Shopify by 121.3% in the 3rd quarter. Raymond James Trust N.A. now owns 24,813 shares of the software maker’s stock valued at $1,989,000 after buying an additional 13,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Shopify by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock valued at $193,802,000 after acquiring an additional 136,530 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $111.03 on Tuesday. The firm has a 50 day moving average of $86.25 and a 200-day moving average of $72.53. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $143.27 billion, a PE ratio of 103.77, a PEG ratio of 2.81 and a beta of 2.36.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Wedbush reiterated a “neutral” rating and issued a $115.00 price target (up from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Wells Fargo & Company increased their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. increased their price target on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.95.

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.