Redwood Financial Network Corp Lowers Stock Holdings in Shopify Inc. (NYSE:SHOP)

Redwood Financial Network Corp lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,794 shares of the software maker’s stock after selling 180 shares during the period. Redwood Financial Network Corp’s holdings in Shopify were worth $510,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Jennison Associates LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $132,323,000. Western Financial Corp CA acquired a new stake in Shopify in the fourth quarter valued at about $239,000. Kessler Investment Group LLC acquired a new stake in Shopify in the fourth quarter valued at about $6,105,000. Whalen Wealth Management Inc. purchased a new stake in Shopify in the 4th quarter valued at approximately $461,000. Finally, First National Corp MA ADV acquired a new position in Shopify during the 4th quarter worth approximately $237,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SHOP. BMO Capital Markets initiated coverage on Shopify in a research note on Tuesday, May 6th. They set an “outperform” rating and a $120.00 target price for the company. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. JPMorgan Chase & Co. reduced their target price on Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Truist Financial lowered their price target on shares of Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. Finally, Mizuho cut their price target on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $115.37.

Shopify Stock Performance

Shares of NYSE SHOP opened at $111.45 on Thursday. The firm has a market cap of $144.31 billion, a P/E ratio of 71.90, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm’s 50 day moving average price is $93.58 and its 200 day moving average price is $103.31.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities analysts predict that Shopify Inc. will post 1.12 EPS 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.