Avidian Wealth Enterprises LLC Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Avidian Wealth Enterprises LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,417 shares of the software maker’s stock after selling 451 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Shopify were worth $363,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gladstone Institutional Advisory LLC raised its position in shares of Shopify by 49.9% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 13,437 shares of the software maker’s stock valued at $1,429,000 after purchasing an additional 4,476 shares in the last quarter. Certuity LLC raised its position in shares of Shopify by 21.0% in the 4th quarter. Certuity LLC now owns 24,217 shares of the software maker’s stock valued at $2,576,000 after purchasing an additional 4,210 shares in the last quarter. CAP Partners LLC raised its position in shares of Shopify by 2.0% in the 4th quarter. CAP Partners LLC now owns 17,672 shares of the software maker’s stock valued at $1,879,000 after purchasing an additional 347 shares in the last quarter. True Vision MN LLC acquired a new position in shares of Shopify in the 4th quarter valued at approximately $410,000. Finally, Hartline Investment Corp raised its position in shares of Shopify by 200.7% in the 4th quarter. Hartline Investment Corp now owns 61,444 shares of the software maker’s stock valued at $6,533,000 after purchasing an additional 41,008 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SHOP shares. DA Davidson upped their target price on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday. KeyCorp upped their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Truist Financial upped their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Citigroup upped their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Trading Up 5.9 %

NYSE:SHOP opened at $127.65 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $128.00. The stock has a market cap of $164.93 billion, a price-to-earnings ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. The business has a fifty day moving average of $111.43 and a 200-day moving average of $92.02. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 net margin of 16.84% and a return on equity of 11.60%. Equities analysts predict that Shopify Inc. will post 0.91 earnings per share for the current year.

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.