Shopify Inc. (NYSE:SHOP) Shares Sold by LVW Advisors LLC

LVW Advisors LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,749 shares of the software maker’s stock after selling 398 shares during the quarter. LVW Advisors LLC’s holdings in Shopify were worth $292,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Annex Advisory Services LLC acquired a new stake in shares of Shopify in the 4th quarter worth approximately $282,000. Grove Bank & Trust grew its holdings in Shopify by 3.6% in the fourth quarter. Grove Bank & Trust now owns 31,522 shares of the software maker’s stock valued at $3,352,000 after purchasing an additional 1,087 shares during the last quarter. Whitaker Myers Wealth Managers LTD. purchased a new position in shares of Shopify in the fourth quarter valued at $459,000. Smith Salley Wealth Management purchased a new position in shares of Shopify in the fourth quarter valued at $210,000. Finally, HB Wealth Management LLC raised its stake in shares of Shopify by 27.7% during the 4th quarter. HB Wealth Management LLC now owns 11,827 shares of the software maker’s stock worth $1,258,000 after buying an additional 2,569 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $103.25 on Tuesday. The firm has a fifty day simple moving average of $109.39 and a 200-day simple moving average of $85.84. The company has a market capitalization of $133.41 billion, a PE ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. 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 Analysts Forecast Growth

A number of equities research analysts recently commented on SHOP shares. The Goldman Sachs Group increased their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Barclays lifted their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Mizuho increased their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, KeyCorp boosted their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $100.31.

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.