Shopify Inc. (NYSE:SHOP) Shares Sold by Ieq Capital LLC

Ieq Capital LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% during the 4th quarter, Holdings Channel reports. The fund owned 33,849 shares of the software maker’s stock after selling 711 shares during the quarter. Ieq Capital LLC’s holdings in Shopify were worth $3,599,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter valued at $39,000. Mather Group LLC. raised its stake in Shopify by 84.8% in 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 in the last quarter. Brooklyn Investment Group acquired a new stake in Shopify in the third quarter valued at $33,000. Sierra Ocean LLC acquired a new stake in Shopify in the fourth quarter valued at $46,000. Finally, Rosenberg Matthew Hamilton raised its stake in 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 buying an additional 133 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 6.5 %

Shares of NYSE:SHOP opened at $115.40 on Friday. The company has a 50-day moving average price of $112.85 and a 200 day moving average price of $95.38. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market cap of $149.42 billion, a P/E ratio of 74.45, a PEG ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. Analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. JPMorgan Chase & Co. raised their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Monday, February 10th. Truist Financial raised their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Finally, KeyCorp raised their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

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.