Shopify Inc. (NYSE:SHOP) Position Trimmed by Platform Technology Partners

Platform Technology Partners trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,535 shares of the software maker’s stock after selling 369 shares during the quarter. Platform Technology Partners’ holdings in Shopify were worth $482,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Triasima Portfolio Management inc. acquired a new stake in Shopify during the fourth quarter valued at $8,238,000. Golden State Wealth Management LLC purchased a new stake in shares of Shopify during the 4th quarter worth about $163,000. Tobam lifted its holdings in shares of Shopify by 392.1% during the 4th quarter. Tobam now owns 14,782 shares of the software maker’s stock valued at $1,572,000 after buying an additional 11,778 shares during the last quarter. Strategic Financial Concepts LLC grew its stake in shares of Shopify by 770.5% in the 4th quarter. Strategic Financial Concepts LLC now owns 24,139 shares of the software maker’s stock valued at $2,567,000 after buying an additional 21,366 shares in the last quarter. Finally, Adero Partners LLC acquired a new position in Shopify in the fourth quarter worth approximately $245,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE SHOP opened at $117.33 on Friday. The stock has a market cap 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. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $122.81. The company’s 50-day simple moving average is $110.88 and its 200 day simple moving average is $90.15.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SHOP shares. Canaccord Genuity Group lifted their target price on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. New Street Research assumed coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Truist Financial increased their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Barclays boosted their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

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, 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.