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

Bristlecone Advisors LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 24,417 shares of the software maker’s stock after selling 711 shares during the period. Bristlecone Advisors LLC’s holdings in Shopify were worth $2,596,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Shopify during the 3rd quarter valued at $33,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify during the fourth quarter valued at $39,000. Mather Group LLC. raised its position in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Shopify in the 3rd quarter worth about $45,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Piper Sandler upped their price target 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. The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Barclays raised their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Monday. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.74.

Shopify Stock Performance

Shares of SHOP stock opened at $117.33 on Monday. The stock has a market cap of $151.60 billion, a PE ratio of 109.65, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The stock has a 50-day moving average of $110.91 and a 200-day moving average of $90.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $122.81.

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.