Worth Asset Management LLC Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Worth Asset Management LLC lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,547 shares of the software maker’s stock after selling 740 shares during the period. Worth Asset Management LLC’s holdings in Shopify were worth $271,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in Shopify by 78.7% in the second quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker’s stock valued at $9,728,000 after buying an additional 64,856 shares during the period. Private Advisor Group LLC boosted its position in Shopify by 105.6% during the 2nd quarter. Private Advisor Group LLC now owns 56,976 shares of the software maker’s stock worth $3,763,000 after purchasing an additional 29,261 shares during the period. Savant Capital LLC increased its holdings in Shopify by 44.5% in the 2nd quarter. Savant Capital LLC now owns 15,234 shares of the software maker’s stock valued at $1,006,000 after purchasing an additional 4,692 shares in the last quarter. Asset Dedication LLC raised its position in Shopify by 33.2% in the second quarter. Asset Dedication LLC now owns 2,408 shares of the software maker’s stock valued at $159,000 after purchasing an additional 600 shares during the period. Finally, Acadian Asset Management LLC raised its position in Shopify by 90.9% in the second quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock valued at $3,727,000 after purchasing an additional 26,885 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.8 %

Shopify stock traded down $0.84 during trading hours on Wednesday, hitting $105.94. The company had a trading volume of 2,924,464 shares, compared to its average volume of 4,634,514. The firm’s fifty day moving average is $105.71 and its 200-day moving average is $83.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The firm has a market capitalization of $136.88 billion, a P/E ratio of 99.01, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SHOP shares. Moffett Nathanson increased their target price on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Barclays raised their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.88.

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.