Granite Investment Partners LLC trimmed its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 134,189 shares of the software maker's stock after selling 3,253 shares during the period. Granite Investment Partners LLC's holdings in Shopify were worth $14,268,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $132,323,000. Watts Gwilliam & Co. LLC raised its stake in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock worth $1,431,000 after purchasing an additional 4,641 shares during the period. Synovus Financial Corp bought a new position in Shopify during the third quarter valued at about $481,000. Western Financial Corp CA purchased a new stake in Shopify during the fourth quarter worth about $239,000. Finally, Kessler Investment Group LLC bought a new stake in Shopify in the fourth quarter worth about $6,105,000. Hedge funds and other institutional investors own 69.27% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SHOP. UBS Group raised their price target on shares of Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. DA Davidson dropped their price target on Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday. Phillip Securities lowered Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, February 17th. Canaccord Genuity Group upped their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Scotiabank lifted their target price on shares of Shopify from $115.00 to $120.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $124.74.
Read Our Latest Research Report on Shopify
Shopify Stock Up 1.4 %
SHOP traded up $1.14 during midday trading on Tuesday, reaching $83.91. The company had a trading volume of 6,972,794 shares, compared to its average volume of 9,220,233. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market cap of $108.65 billion, a P/E ratio of 54.14, a P/E/G ratio of 4.82 and a beta of 2.82. The business has a 50-day moving average of $102.66 and a two-hundred day moving average of $101.52.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. On average, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.
Shopify Profile
(
Free Report)
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.
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