Freedom Investment Management Inc. Trims Stake in Shopify Inc. (NYSE:SHOP)

Freedom Investment Management Inc. decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 44.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,606 shares of the software maker’s stock after selling 5,254 shares during the quarter. Freedom Investment Management Inc.’s holdings in Shopify were worth $702,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC acquired a new position in shares of Shopify in the fourth quarter worth about $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in Shopify by 53.0% in 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. Synovus Financial Corp purchased a new stake in shares of Shopify in the third quarter valued at approximately $481,000. Western Financial Corp CA purchased a new position in shares of Shopify during the 4th quarter valued at approximately $239,000. Finally, Kessler Investment Group LLC purchased a new stake in Shopify in the 4th quarter worth $6,105,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 0.4 %

Shares of NYSE SHOP opened at $83.65 on Friday. The stock has a market cap of $108.31 billion, a P/E ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82. The business’s fifty day simple moving average is $100.46 and its 200-day simple moving average is $101.62. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

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%. On average, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SHOP. New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. Canaccord Genuity Group increased their target price on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada lowered their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday. Wedbush restated an “outperform” rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday. Finally, Jefferies Financial Group increased their target price on shares of Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $120.94.

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.