Exchange Traded Concepts LLC Lowers Stock Holdings in Shopify Inc. (NYSE:SHOP)

Exchange Traded Concepts LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,447 shares of the software maker’s stock after selling 4,303 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Shopify were worth $3,237,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify during the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton increased its position in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Truvestments Capital LLC purchased a new position in Shopify in the third quarter valued at approximately $45,000. Finally, GAMMA Investing LLC lifted its position in Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of a number of research reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Wells Fargo & Company raised their target price on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. KeyCorp boosted their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Price Performance

Shares of SHOP opened at $107.74 on Friday. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The stock’s fifty day moving average is $109.37 and its 200-day moving average is $86.92. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $139.22 billion, a price-to-earnings ratio of 100.70, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46.

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.