GC Wealth Management RIA LLC Sells 494 Shares of Shopify Inc. (NYSE:SHOP)

GC Wealth Management RIA LLC lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.5% during the 4th quarter, Holdings Channel reports. The firm owned 4,718 shares of the software maker’s stock after selling 494 shares during the quarter. GC Wealth Management RIA LLC’s holdings in Shopify were worth $502,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SHOP. Baillie Gifford & Co. lifted its holdings in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC lifted its holdings in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares during the period. National Bank of Canada FI lifted its holdings in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Shopify by 9.6% during the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SHOP. Mizuho increased their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Piper Sandler increased their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. The Goldman Sachs Group increased their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Truist Financial raised their target price on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Up 0.0 %

Shares of NYSE SHOP opened at $92.79 on Wednesday. The company’s 50-day simple moving average is $111.70 and its 200-day simple moving average is $98.36. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market cap of $120.15 billion, a price-to-earnings ratio of 59.86, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.