Rise Advisors LLC Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Rise Advisors LLC decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,294 shares of the software maker’s stock after selling 261 shares during the quarter. Rise Advisors LLC’s holdings in Shopify were worth $138,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Swiss National Bank grew its holdings in Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after purchasing an additional 33,300 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in shares of Shopify by 4.6% in the third 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 in the last quarter. Finally, Wahed Invest LLC grew its position in shares of Shopify by 18.4% in the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after purchasing an additional 8,960 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 5.6 %

Shopify stock traded down $6.36 during midday trading on Tuesday, hitting $107.88. The stock had a trading volume of 3,623,413 shares, compared to its average volume of 4,494,540. The business has a fifty day moving average price of $105.18 and a 200 day moving average price of $83.37. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72. The stock has a market cap of $139.39 billion, a P/E ratio of 100.82, a P/E/G ratio of 2.98 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent research reports. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Wells Fargo & Company lifted their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Robert W. Baird raised their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Truist Financial upped their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Finally, Mizuho boosted their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.88.

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.