Kingsview Wealth Management LLC Has $1.89 Million Stake in Shopify Inc. (NYSE:SHOP)

Kingsview Wealth Management LLC lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.0% in the third quarter, Holdings Channel reports. The fund owned 23,568 shares of the software maker’s stock after selling 1,238 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Shopify were worth $1,889,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the 2nd quarter worth $33,000. Rosenberg Matthew Hamilton increased its holdings in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify in the second quarter valued at about $39,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE SHOP opened at $111.03 on Tuesday. The company has a fifty day moving average price of $86.25 and a 200-day moving average price of $72.53. The firm has a market cap of $143.27 billion, a price-to-earnings ratio of 103.77, a PEG ratio of 2.81 and a beta of 2.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent research reports. Wells Fargo & Company upped their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler lifted their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Evercore raised their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, JMP Securities upped their price target on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

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.