Graypoint LLC Has $575,000 Stock Position in Shopify Inc. (NYSE:SHOP)

Graypoint LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.8% in the fourth quarter, HoldingsChannel reports. The fund owned 5,403 shares of the software maker’s stock after selling 865 shares during the quarter. Graypoint LLC’s holdings in Shopify were worth $575,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Swiss National Bank grew its stake in Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its position in Shopify by 4.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after acquiring an additional 209 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Shopify in the third quarter valued at approximately $33,676,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Scotiabank raised their price target on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Truist Financial upped their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price objective on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Price Performance

Shares of Shopify stock opened at $103.91 on Friday. The stock has a market capitalization of $134.26 billion, a price-to-earnings ratio of 97.11, a P/E/G ratio of 2.98 and a beta of 2.46. The firm’s 50-day moving average price is $107.35 and its two-hundred day moving average price is $84.41. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

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.