Shopify Inc. (NYSE:SHOP) Shares Sold by Westside Investment Management Inc.

Westside Investment Management Inc. lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.2% during the 4th quarter, HoldingsChannel reports. The firm owned 40,970 shares of the software maker’s stock after selling 1,350 shares during the period. Shopify comprises approximately 0.9% of Westside Investment Management Inc.’s holdings, making the stock its 27th biggest position. Westside Investment Management Inc.’s holdings in Shopify were worth $4,356,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Trust Co. of Vermont grew its position in Shopify by 9.9% in the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares in the last quarter. First United Bank & Trust grew its position in Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after acquiring an additional 100 shares in the last quarter. Sunbelt Securities Inc. grew its position in Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after acquiring an additional 105 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its position in Shopify by 3.3% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock valued at $357,000 after acquiring an additional 107 shares in the last quarter. Finally, Moser Wealth Advisors LLC grew its position in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $106.87 on Wednesday. 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 stock has a 50-day simple moving average of $109.62 and a 200-day simple moving average of $86.37. The firm has a market cap of $138.08 billion, a P/E ratio of 99.93, a price-to-earnings-growth ratio of 2.17 and a beta of 2.46.

Analyst Ratings Changes

Several equities analysts have weighed in on SHOP shares. Canaccord Genuity Group lifted their target price on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. Oppenheimer boosted their price objective on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. KeyCorp boosted their price objective on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Company 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.