Avitas Wealth Management LLC Has $2.26 Million Holdings in Shopify Inc. (NYSE:SHOP)

Avitas Wealth Management LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,239 shares of the software maker’s stock after selling 130 shares during the period. Avitas Wealth Management LLC’s holdings in Shopify were worth $2,258,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% during the 3rd 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 during the period. FMR LLC lifted its stake in Shopify by 16.1% during the third 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 during the last quarter. National Bank of Canada FI boosted its holdings in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after purchasing an additional 1,325,350 shares during the last quarter. Finally, Jennison Associates LLC acquired a new position in shares of Shopify during the 4th quarter worth $132,323,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on SHOP. Canaccord Genuity Group raised their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Oppenheimer raised their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird upped their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.32.

Shopify Stock Performance

Shares of SHOP opened at $119.31 on Wednesday. Shopify Inc. has a one year low of $48.56 and a one year high of $122.00. The company has a market cap of $154.16 billion, a PE ratio of 111.50, a P/E/G ratio of 2.46 and a beta of 2.47. The stock has a 50-day moving average of $110.42 and a 200-day moving average of $89.33. 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 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.