Brookstone Capital Management Cuts Position in Shopify Inc. (NYSE:SHOP)

Brookstone Capital Management lowered its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 46.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,727 shares of the software maker's stock after selling 3,220 shares during the quarter. Brookstone Capital Management's holdings in Shopify were worth $396,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group bought a new position in Shopify in the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its stake 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 purchasing an additional 133 shares during the period. Truvestments Capital LLC purchased a new position in Shopify during the 3rd quarter valued at about $45,000. Finally, GAMMA Investing LLC increased its position in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock valued at $48,000 after buying an additional 253 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Down 0.2 %

NYSE SHOP traded down $0.25 during trading on Friday, hitting $103.25. The company had a trading volume of 5,579,542 shares, compared to its average volume of 4,488,373. The company's fifty day moving average is $109.39 and its 200-day moving average is $85.70. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $133.41 billion, a price-to-earnings ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent analyst reports. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. JMP Securities restated a "market outperform" rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 24th. Loop Capital upgraded 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. Finally, Moffett Nathanson raised their price target on Shopify from $86.00 to $99.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $100.31.

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.