United Advisor Group LLC Decreases Holdings in Shopify Inc. $SHOP

United Advisor Group LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.7% during the 4th quarter, HoldingsChannel reports. The fund owned 22,088 shares of the software maker’s stock after selling 6,498 shares during the quarter. United Advisor Group LLC’s holdings in Shopify were worth $3,556,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. CWM LLC raised its stake in shares of Shopify by 24.4% during the fourth quarter. CWM LLC now owns 21,775 shares of the software maker’s stock worth $3,505,000 after acquiring an additional 4,272 shares in the last quarter. Cottage Street Advisors LLC purchased a new position in shares of Shopify during the fourth quarter worth approximately $203,000. Opal Wealth Advisors LLC purchased a new position in shares of Shopify during the fourth quarter worth approximately $209,000. BCS Wealth Management purchased a new position in shares of Shopify during the fourth quarter worth approximately $231,000. Finally, Brendel Financial Advisors LLC purchased a new position in shares of Shopify during the fourth quarter worth approximately $233,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 8.3%

Shares of NASDAQ SHOP opened at $127.41 on Thursday. The firm’s fifty day moving average is $120.24 and its 200 day moving average is $144.34. The company has a market cap of $166.16 billion, a price-to-earnings ratio of 137.00, a PEG ratio of 4.20 and a beta of 2.82. Shopify Inc. has a 52 week low of $80.35 and a 52 week high of $182.19.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Arete Research set a $175.00 target price on shares of Shopify in a research note on Monday, February 2nd. ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Royal Bank Of Canada set a $170.00 target price on shares of Shopify and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Citizens Jmp decreased their target price on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a research note on Thursday, February 12th. Finally, TD Cowen raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research note on Wednesday, February 11th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $162.70.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.