Commerce Bank Lowers Stock Position in Shopify Inc. (NYSE:SHOP)

Commerce Bank lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.7% during the 4th quarter, Holdings Channel reports. The firm owned 53,054 shares of the software maker’s stock after selling 393 shares during the period. Commerce Bank’s holdings in Shopify were worth $4,133,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SHOP. Principal Financial Group Inc. lifted its holdings in shares of Shopify by 8.7% in the 3rd quarter. Principal Financial Group Inc. now owns 229,177 shares of the software maker’s stock worth $12,521,000 after buying an additional 18,302 shares during the period. NBC Securities Inc. acquired a new position in shares of Shopify in the third quarter valued at about $104,000. Vestmark Advisory Solutions Inc. increased its holdings in shares of Shopify by 63.1% in the third quarter. Vestmark Advisory Solutions Inc. now owns 7,047 shares of the software maker’s stock valued at $385,000 after purchasing an additional 2,726 shares during the period. Sigma Planning Corp boosted its stake in shares of Shopify by 4.6% in the third quarter. Sigma Planning Corp now owns 23,064 shares of the software maker’s stock worth $1,259,000 after buying an additional 1,018 shares during the last quarter. Finally, Wealthspire Advisors LLC boosted its stake in shares of Shopify by 13.3% in the third quarter. Wealthspire Advisors LLC now owns 4,110 shares of the software maker’s stock worth $224,000 after buying an additional 484 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SHOP shares. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. Scotiabank cut their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research note on Thursday, May 9th. TD Securities cut their target price on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday, May 9th. CIBC cut their target price on Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a research note on Thursday, May 9th. Finally, The Goldman Sachs Group raised Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $67.00 to $74.00 in a research note on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

Shopify Trading Down 1.2 %

Shares of Shopify stock opened at $56.97 on Monday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The business’s fifty day moving average is $70.27 and its two-hundred day moving average is $74.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

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.