B. Riley Wealth Advisors Inc. Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

B. Riley Wealth Advisors Inc. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,505 shares of the software maker’s stock after selling 3,881 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Shopify were worth $2,346,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group grew its position in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify in the 2nd quarter worth approximately $33,000. Brooklyn Investment Group purchased a new position in shares of Shopify in the 3rd quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton grew its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Truist Financial boosted 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. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Mizuho boosted their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.03.

Shopify Stock Performance

NYSE:SHOP opened at $114.63 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a fifty day moving average of $96.14 and a two-hundred day moving average of $78.06. The stock has a market capitalization of $148.11 billion, a PE ratio of 107.13, a P/E/G ratio of 2.98 and a beta of 2.46. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72.

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.