New World Advisors LLC Cuts Stake in Shopify Inc. (NYSE:SHOP)

New World Advisors LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.8% during the 4th quarter, HoldingsChannel reports. The fund owned 5,719 shares of the software maker’s stock after selling 106 shares during the period. Shopify accounts for 0.1% of New World Advisors LLC’s portfolio, making the stock its 25th largest position. New World Advisors LLC’s holdings in Shopify were worth $608,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SHOP. Howland Capital Management LLC raised its holdings in Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after buying an additional 99 shares during the period. Trust Co. of Vermont raised its holdings in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after buying an additional 100 shares during the period. First United Bank & Trust raised its holdings in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after buying an additional 100 shares during the period. Sunbelt Securities Inc. raised its holdings in Shopify by 0.7% in the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after buying an additional 105 shares during the period. Finally, Redhawk Wealth Advisors Inc. raised its holdings in Shopify by 3.3% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock valued at $357,000 after buying an additional 107 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 6.5 %

Shares of NYSE SHOP opened at $115.40 on Monday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm’s 50-day simple moving average is $112.85 and its 200 day simple moving average is $95.60. The stock has a market cap of $149.42 billion, a P/E ratio of 74.45, a P/E/G ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on SHOP shares. The Goldman Sachs Group increased their price objective on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Citigroup increased their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.