SteelPeak Wealth LLC Has $4.44 Million Stock Position in Shopify Inc. (NYSE:SHOP)

SteelPeak Wealth LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 41,795 shares of the software maker’s stock after selling 420 shares during the quarter. SteelPeak Wealth LLC’s holdings in Shopify were worth $4,444,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC boosted its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares in the last quarter. National Bank of Canada FI raised its stake in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Shopify by 9.6% in the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after acquiring an additional 471,280 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 9.3 %

Shares of Shopify stock opened at $117.35 on Wednesday. The stock has a market capitalization of $151.63 billion, a P/E ratio of 109.67, a P/E/G ratio of 2.24 and a beta of 2.46. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock’s 50-day simple moving average is $109.40 and its 200 day simple moving average is $87.52.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SHOP shares. Mizuho upped their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $115.00 to $125.00 in a report on Monday, January 6th. Moffett Nathanson upped their target price on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Piper Sandler raised their price target on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

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.