Shopify Inc. (NYSE:SHOP) Stock Holdings Cut by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lessened its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 19.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,120 shares of the software maker's stock after selling 3,077 shares during the period. Axxcess Wealth Management LLC's holdings in Shopify were worth $1,395,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. PFG Private Wealth Management LLC grew its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after acquiring an additional 256 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify in the third quarter worth about $33,000. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $39,000. Mather Group LLC. boosted its position in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after buying an additional 184 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in shares of Shopify in the third quarter worth about $45,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SHOP shares. Wedbush reaffirmed an "outperform" rating and issued a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. New Street Research started coverage on Shopify in a research report on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price for the company. Morgan Stanley boosted their price target on Shopify from $126.00 to $144.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. Finally, DA Davidson boosted their price target on Shopify from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $126.31.

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Shopify Stock Performance

Shares of Shopify stock traded up $2.44 on Friday, reaching $104.29. 8,690,629 shares of the company were exchanged, compared to its average volume of 8,602,471. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $135.04 billion, a price-to-earnings ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. The company's 50-day moving average is $110.04 and its two-hundred day moving average is $99.53.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

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.