CreativeOne Wealth LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

CreativeOne Wealth LLC purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,936 shares of the software maker’s stock, valued at approximately $307,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Corient Private Wealth LLC boosted its position in shares of Shopify by 6.1% during the fourth quarter. Corient Private Wealth LLC now owns 82,347 shares of the software maker’s stock worth $6,415,000 after buying an additional 4,731 shares during the period. Clearbridge Investments LLC grew its stake in shares of Shopify by 50.5% during the 4th quarter. Clearbridge Investments LLC now owns 2,787,112 shares of the software maker’s stock worth $217,116,000 after acquiring an additional 935,408 shares in the last quarter. Balentine LLC acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $265,000. Thoroughbred Financial Services LLC lifted its position in shares of Shopify by 4.6% in the fourth quarter. Thoroughbred Financial Services LLC now owns 113,312 shares of the software maker’s stock worth $8,827,000 after purchasing an additional 5,001 shares in the last quarter. Finally, Coldstream Capital Management Inc. acquired a new position in Shopify during the fourth quarter worth $251,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. TD Securities lowered their target price on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a research report on Thursday, May 9th. JMP Securities upgraded shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Thursday, May 9th. Scotiabank cut their price target on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research note on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.06.

Shopify Stock Down 1.2 %

NYSE SHOP traded down $0.67 during trading hours on Friday, hitting $56.97. The company’s stock had a trading volume of 8,537,230 shares, compared to its average volume of 14,613,592. The company has a market capitalization of $73.42 billion, a PE ratio of -335.12, a price-to-earnings-growth ratio of 2.63 and a beta of 2.20. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The company’s 50-day simple moving average is $70.27 and its two-hundred day simple moving average is $74.12.

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.