Activest Wealth Management Lowers Stake in Shopify Inc. (NYSE:SHOP)

Activest Wealth Management reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 408 shares of the software maker’s stock after selling 116 shares during the period. Activest Wealth Management’s holdings in Shopify were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Swiss National Bank boosted its position in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after acquiring an additional 33,300 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after acquiring an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the period. Silvercrest Asset Management Group LLC lifted its stake in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the last quarter. Finally, Baker Avenue Asset Management LP grew its position in shares of Shopify by 10.9% during the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after acquiring an additional 21,265 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $106.53 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The firm has a fifty day moving average of $84.81 and a 200-day moving average of $71.95. The company has a market cap of $137.46 billion, a price-to-earnings ratio of 99.56, a price-to-earnings-growth ratio of 3.09 and a beta of 2.36.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent research reports. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Evercore ISI upped their price target on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Barclays lifted their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Argus raised Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.