Private Advisor Group LLC Sells 11,780 Shares of Shopify Inc. $SHOP

Private Advisor Group LLC decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,794 shares of the software maker’s stock after selling 11,780 shares during the period. Private Advisor Group LLC’s holdings in Shopify were worth $6,062,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the third quarter worth about $27,000. Rothschild Investment LLC grew its stake in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Financial Gravity Companies Inc. bought a new position in Shopify in the second quarter valued at approximately $27,000. Caitlin John LLC acquired a new position in shares of Shopify during the 3rd quarter worth approximately $36,000. Finally, Estabrook Capital Management acquired a new position in shares of Shopify during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Royal Bank Of Canada set a $170.00 price objective on Shopify and gave the company an “outperform” rating in a report on Thursday, February 12th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Wells Fargo & Company set a $191.00 price target on shares of Shopify and gave the stock an “overweight” rating in a research report on Thursday, February 12th. UBS Group cut their price target on shares of Shopify from $165.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Finally, Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $163.38.

Shopify Trading Down 2.6%

SHOP opened at $126.17 on Friday. The stock’s fifty day simple moving average is $134.60 and its 200 day simple moving average is $148.74. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The stock has a market cap of $164.25 billion, a PE ratio of 135.67, a price-to-earnings-growth ratio of 4.65 and a beta of 2.83.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.