Soltis Investment Advisors LLC Cuts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Soltis Investment Advisors LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 37.7% during the third quarter, HoldingsChannel.com reports. The fund owned 2,813 shares of the software maker’s stock after selling 1,700 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Shopify were worth $225,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Swiss National Bank increased its holdings in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after acquiring an additional 209 shares during the last quarter. Finally, Wahed Invest LLC raised its holdings in shares of Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Tuesday, September 17th. Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.03.

Shopify Trading Down 1.7 %

NYSE SHOP opened at $115.34 on Friday. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market capitalization of $149.02 billion, a price-to-earnings ratio of 107.79, a price-to-earnings-growth ratio of 3.05 and a beta of 2.46. The company’s 50-day simple moving average is $94.75 and its two-hundred day simple moving average is $77.12.

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.