Shopify Inc. (NYSE:SHOP) Shares Sold by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC cut its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,003 shares of the software maker’s stock after selling 2,067 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Shopify were worth $1,383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eastern Bank boosted its holdings in Shopify by 18.4% in the 4th quarter. Eastern Bank now owns 2,120 shares of the software maker’s stock valued at $225,000 after purchasing an additional 330 shares in the last quarter. Kieckhefer Group LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $175,000. Fiduciary Alliance LLC grew its holdings in Shopify by 13.2% during the fourth quarter. Fiduciary Alliance LLC now owns 13,865 shares of the software maker’s stock worth $1,474,000 after acquiring an additional 1,615 shares during the period. Aprio Wealth Management LLC raised its position in Shopify by 18.8% in the fourth quarter. Aprio Wealth Management LLC now owns 3,502 shares of the software maker’s stock worth $372,000 after acquiring an additional 555 shares in the last quarter. Finally, RMR Wealth Builders raised its position in Shopify by 2.9% in the fourth quarter. RMR Wealth Builders now owns 10,846 shares of the software maker’s stock worth $1,153,000 after acquiring an additional 305 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 2.0 %

SHOP opened at $101.67 on Tuesday. The company has a market cap of $131.37 billion, a PE ratio of 95.02, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. 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 Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The firm has a 50 day moving average price of $107.82 and a 200 day moving average price of $84.79.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Mizuho raised their price objective on Shopify from $68.00 to $105.00 and gave the company 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 report on Wednesday, November 13th. Finally, Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and upped their target price for the company from $115.00 to $125.00 in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify 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.