Synergy Financial Group LTD Sells 3,240 Shares of Shopify Inc. (NYSE:SHOP)

Synergy Financial Group LTD lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,292 shares of the software maker’s stock after selling 3,240 shares during the period. Shopify accounts for approximately 5.4% of Synergy Financial Group LTD’s investment portfolio, making the stock its 4th biggest position. Synergy Financial Group LTD’s holdings in Shopify were worth $6,517,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% in 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 last quarter. FMR LLC raised its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares during the last quarter. National Bank of Canada FI increased its stake in Shopify by 28.0% in the third 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 during the last quarter. Finally, Geode Capital Management LLC raised its stake in Shopify by 9.6% during the 3rd 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. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SHOP. UBS Group increased their target price on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their target price on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Truist Financial raised their price objective on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Jefferies Financial Group lifted their target price on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada upped their price objective on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of NYSE SHOP opened at $115.45 on Tuesday. The firm has a market cap of $149.48 billion, a price-to-earnings ratio of 74.48, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock’s 50-day simple moving average is $112.84 and its 200-day simple moving average is $95.93.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

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.