West Family Investments Inc. Trims Stock Holdings in Shopify Inc. (NYSE:SHOP)

West Family Investments Inc. trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,973 shares of the software maker’s stock after selling 124 shares during the quarter. West Family Investments Inc.’s holdings in Shopify were worth $635,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Robeco Institutional Asset Management B.V. increased its holdings in Shopify by 1.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 210,668 shares of the software maker’s stock worth $16,883,000 after purchasing an additional 3,035 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of Shopify by 61.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 99,620 shares of the software maker’s stock valued at $7,984,000 after acquiring an additional 37,996 shares during the period. QRG Capital Management Inc. purchased a new position in shares of Shopify in the 3rd quarter valued at $227,000. NorthRock Partners LLC purchased a new position in shares of Shopify in the 3rd quarter valued at $213,000. Finally, Marks Group Wealth Management Inc increased its holdings in shares of Shopify by 5.8% in the 3rd quarter. Marks Group Wealth Management Inc now owns 7,737 shares of the software maker’s stock valued at $620,000 after acquiring an additional 426 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SHOP shares. Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Truist Financial lifted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Moffett Nathanson lifted their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. ATB Capital lifted their price target on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Finally, DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

Shares of Shopify stock opened at $102.32 on Friday. The stock has a market cap of $132.49 billion, a P/E ratio of 66.01, a P/E/G ratio of 4.82 and a beta of 2.47. The stock’s 50 day simple moving average is $112.42 and its 200-day simple moving average is $97.62. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal 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.