Global Wealth Management Investment Advisory Inc. Has $1.83 Million Holdings in Shopify Inc. (NYSE:SHOP)

Global Wealth Management Investment Advisory Inc. decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 29.6% in the 4th quarter, Holdings Channel reports. The fund owned 17,169 shares of the software maker’s stock after selling 7,229 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Shopify were worth $1,826,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Baillie Gifford & Co. grew its holdings in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC boosted its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of 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 last quarter. National Bank of Canada FI boosted its holdings in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after acquiring an additional 471,280 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $117.33 on Monday. The firm has a market capitalization of $151.60 billion, a P/E ratio of 109.65, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $110.91 and its 200 day simple moving average is $90.72. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $122.81.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. Mizuho lifted their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group upped their target price on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and upped their price target for the company from $115.00 to $125.00 in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.74.

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.