Axxcess Wealth Management LLC Sells 919 Shares of Shopify Inc. (NYSE:SHOP)

Axxcess Wealth Management LLC lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,636 shares of the software maker’s stock after selling 919 shares during the period. Axxcess Wealth Management LLC’s holdings in Shopify were worth $906,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SHOP. SJS Investment Consulting Inc. grew its stake in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares during the last quarter. Baldwin Brothers LLC MA grew its position in shares of Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock worth $35,000 after buying an additional 147 shares during the last quarter. Global Trust Asset Management LLC increased its stake in shares of Shopify by 350.0% during the fourth quarter. Global Trust Asset Management LLC now owns 450 shares of the software maker’s stock valued at $35,000 after buying an additional 350 shares during the period. Asset Management One Co. Ltd. purchased a new position in shares of Shopify during the third quarter valued at approximately $47,000. Finally, Salem Investment Counselors Inc. raised its holdings in shares of Shopify by 1,112.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 606 shares of the software maker’s stock valued at $47,000 after acquiring an additional 556 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NYSE SHOP opened at $77.39 on Tuesday. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average price is $74.73 and its 200-day moving average price is $73.60. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market cap of $99.57 billion, a PE ratio of 859.98 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. As a group, analysts anticipate that Shopify Inc. will post 0.59 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on SHOP shares. BNP Paribas upgraded shares of Shopify from an “underperform” rating to an “outperform” rating in a report on Thursday, May 2nd. DA Davidson boosted their price target on shares of Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. CIBC increased their price target on shares of Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Loop Capital cut their price objective on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Finally, Piper Sandler reiterated an “underweight” rating and set a $63.00 target price on shares of Shopify in a report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus target price of $79.00.

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.