Shopify Inc. (NYSE:SHOP) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,860 shares of the software maker’s stock after selling 1,246 shares during the quarter. Freedom Investment Management Inc.’s holdings in Shopify were worth $950,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. iA Global Asset Management Inc. lifted its holdings in shares of Shopify by 28.3% in the 1st quarter. iA Global Asset Management Inc. now owns 14,155 shares of the software maker’s stock worth $1,092,000 after acquiring an additional 3,124 shares during the last quarter. Atria Investments Inc lifted its stake in Shopify by 9.0% during the first quarter. Atria Investments Inc now owns 75,648 shares of the software maker’s stock worth $5,838,000 after purchasing an additional 6,244 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Shopify by 414.8% during the first quarter. Cetera Investment Advisers now owns 280,607 shares of the software maker’s stock worth $21,654,000 after buying an additional 226,096 shares during the period. Cetera Advisors LLC grew its stake in shares of Shopify by 42.5% in the first quarter. Cetera Advisors LLC now owns 93,440 shares of the software maker’s stock valued at $7,211,000 after buying an additional 27,885 shares in the last quarter. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Shopify by 16.7% in the 1st quarter. Soltis Investment Advisors LLC now owns 4,238 shares of the software maker’s stock valued at $327,000 after buying an additional 607 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $112.54 on Friday. The company’s 50 day simple moving average is $88.42 and its 200-day simple moving average is $73.45. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The firm has a market cap of $145.41 billion, a PE ratio of 105.18, a price-to-earnings-growth ratio of 2.96 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SHOP. Truist Financial lifted their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group increased their price objective on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.84.

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.