Shopify Inc. (NYSE:SHOP) Shares Sold by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,003 shares of the software maker’s stock after selling 2,067 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Shopify were worth $1,383,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify during the third quarter worth $33,000. Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Truvestments Capital LLC purchased a new stake in shares of Shopify in the 3rd quarter valued at $45,000. Finally, GAMMA Investing LLC lifted its stake in Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.0 %

SHOP stock opened at $101.67 on Tuesday. The company has a market cap of $131.37 billion, a price-to-earnings ratio of 95.02, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The company has a fifty day moving average price of $107.82 and a 200 day moving average price of $84.79. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research reports. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a report on Tuesday, September 17th. Truist Financial increased their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. Finally, Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $100.31.

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.