Advisors Asset Management Inc. Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Advisors Asset Management Inc. lessened its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 366,015 shares of the software maker's stock after selling 7,413 shares during the quarter. Shopify makes up 0.5% of Advisors Asset Management Inc.'s holdings, making the stock its 24th biggest position. Advisors Asset Management Inc.'s holdings in Shopify were worth $29,332,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moser Wealth Advisors LLC lifted its holdings in Shopify by 1.4% during the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock valued at $755,000 after purchasing an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock valued at $159,000 after buying an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton boosted its holdings in 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. CVA Family Office LLC increased its stake in Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock worth $109,000 after buying an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC raised its holdings in shares of Shopify by 3.5% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker's stock valued at $343,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Down 0.6 %

Shopify stock traded down $0.62 during mid-day trading on Wednesday, reaching $103.97. 7,627,643 shares of the company's stock were exchanged, compared to its average volume of 9,339,732. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a market cap of $134.16 billion, a P/E ratio of 97.74, a P/E/G ratio of 3.45 and a beta of 2.36. The company has a fifty day moving average of $83.46 and a 200-day moving average of $71.48.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Robert W. Baird upped their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Piper Sandler raised their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 13th. JMP Securities upped their price objective on shares of Shopify from $80.00 to $120.00 and gave the company a "market outperform" rating in a research note on Wednesday, November 13th. Finally, Argus upgraded shares of Shopify to a "strong-buy" rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $94.95.

Shopify Company 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.