Axxcess Wealth Management LLC Cuts Position in Shopify Inc. (NYSE:SHOP)

Axxcess Wealth Management LLC decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,120 shares of the software maker’s stock after selling 3,077 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Shopify were worth $1,395,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC purchased a new position in Shopify in the fourth quarter valued at approximately $132,323,000. Watts Gwilliam & Co. LLC raised its stake in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the period. Wahed Invest LLC raised its stake in shares of Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after purchasing an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Shopify during the third quarter valued at approximately $33,676,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 8.2 %

Shares of Shopify stock opened at $101.69 on Thursday. The company’s 50-day moving average price is $110.15 and its two-hundred day moving average price is $99.10. The stock has a market cap of $131.66 billion, a PE ratio of 65.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. New Street Research assumed coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. DA Davidson lifted their price objective on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. TD Securities lifted their price objective on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Finally, Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Monday, February 10th. One 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $126.31.

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.