Concord Wealth Partners Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Concord Wealth Partners trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 31.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 429 shares of the software maker’s stock after selling 200 shares during the quarter. Concord Wealth Partners’ holdings in Shopify were worth $33,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Baillie Gifford & Co. boosted its position in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares during the period. Vanguard Group Inc. raised its stake in shares of Shopify by 1.6% during the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after acquiring an additional 634,883 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock worth $389,052,000 after purchasing an additional 299,788 shares during the period. Legal & General Group Plc grew its stake in shares of Shopify by 6.5% in the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock worth $339,750,000 after purchasing an additional 377,901 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after purchasing an additional 2,113,773 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SHOP shares. Piper Sandler restated an “underweight” rating and issued a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. Roth Capital boosted their target price on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Truist Financial boosted their price objective on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, February 12th. Finally, Jefferies Financial Group raised their target price on shares of Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $79.03.

Shopify Price Performance

Shares of Shopify stock opened at $74.47 on Friday. The stock has a 50 day moving average price of $74.77 and a 200-day moving average price of $73.00. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The stock has a market cap of $95.81 billion, a price-to-earnings ratio of 827.54 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Equities analysts expect that Shopify Inc. will post 0.59 EPS for the current year.

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.