Chicago Partners Investment Group LLC Reduces Holdings in Shopify Inc. (NYSE:SHOP)

Chicago Partners Investment Group LLC decreased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,671 shares of the software maker's stock after selling 4,112 shares during the period. Chicago Partners Investment Group LLC's holdings in Shopify were worth $2,117,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Trust Co. of Vermont grew its position in Shopify by 9.9% in the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock valued at $118,000 after acquiring an additional 100 shares during the last quarter. First United Bank & Trust increased its stake in Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after buying an additional 100 shares during the period. Sunbelt Securities Inc. lifted its holdings in Shopify by 0.7% during the 3rd 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 in the last quarter. Redhawk Wealth Advisors Inc. boosted its position in Shopify by 3.3% in the 4th 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. Finally, Moser Wealth Advisors LLC grew its stake in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Oppenheimer boosted their price target on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. Royal Bank of Canada reissued an "outperform" rating and set a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Wedbush upgraded Shopify from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $115.00 to $125.00 in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $100.32.

Shopify Price Performance

SHOP traded down $2.48 during midday trading on Friday, hitting $116.70. 7,750,504 shares of the company traded hands, compared to its average volume of 5,562,812. The business has a 50 day simple moving average of $110.36 and a two-hundred day simple moving average of $88.80. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $122.00. The company has a market capitalization of $150.79 billion, a price-to-earnings ratio of 109.07, a PEG ratio of 2.45 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.

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.