MWA Asset Management Cuts Stock Holdings in Shopify Inc. (NYSE:SHOP)

MWA Asset Management lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 11,563 shares of the software maker’s stock after selling 1,292 shares during the quarter. MWA Asset Management’s holdings in Shopify were worth $927,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Edgestream Partners L.P. grew its stake in Shopify by 91.4% in the first quarter. Edgestream Partners L.P. now owns 6,083 shares of the software maker’s stock valued at $469,000 after purchasing an additional 2,905 shares during the last quarter. UniSuper Management Pty Ltd raised its stake in shares of Shopify by 96.6% during the 1st quarter. UniSuper Management Pty Ltd now owns 17,100 shares of the software maker’s stock worth $1,320,000 after acquiring an additional 8,400 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Shopify by 62.4% during the first quarter. CreativeOne Wealth LLC now owns 6,392 shares of the software maker’s stock valued at $494,000 after acquiring an additional 2,456 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its stake in Shopify by 1.6% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 13,100 shares of the software maker’s stock valued at $1,011,000 after acquiring an additional 210 shares in the last quarter. Finally, Napean Trading & Investment Co Singapore PTE Ltd grew its holdings in Shopify by 12.3% in the first quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 97,694 shares of the software maker’s stock worth $7,539,000 after purchasing an additional 10,733 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Roth Mkm boosted their price target on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Canaccord Genuity Group boosted their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, UBS Group raised their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

Shares of NYSE SHOP opened at $104.58 on Wednesday. The stock has a market capitalization of $134.95 billion, a price-to-earnings ratio of 97.74, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The firm has a 50-day simple moving average of $83.46 and a 200-day simple moving average of $71.48. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

About Shopify

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.