Spire Wealth Management Trims Stake in Shopify Inc. (NYSE:SHOP)

Spire Wealth Management decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,763 shares of the software maker’s stock after selling 3,139 shares during the period. Spire Wealth Management’s holdings in Shopify were worth $1,981,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. bought a new position in Shopify during the 4th quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. lifted its position in Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC bought a new position in Shopify during the 4th quarter valued at about $433,000. Bleakley Financial Group LLC raised its stake in Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after buying an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council bought a new position in shares of Shopify in the 4th quarter worth approximately $1,488,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SHOP shares. Citigroup upgraded shares of Shopify from a “neutral” rating to a “buy” rating and upped their price target for the stock from $93.00 to $105.00 in a research report on Monday, April 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Shopify in a research report on Wednesday, February 14th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Wedbush reiterated a “neutral” rating and issued a $68.00 target price on shares of Shopify in a report on Tuesday, February 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.00.

Shopify Price Performance

Shares of NYSE:SHOP traded down $0.66 during midday trading on Tuesday, hitting $76.71. 1,077,626 shares of the stock were exchanged, compared to its average volume of 9,168,664. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average price of $74.73 and a 200-day moving average price of $73.60. The stock has a market cap of $98.69 billion, a P/E ratio of 859.98 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. On average, research analysts forecast that Shopify Inc. will post 0.59 earnings per share for the current year.

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.