Parallel Advisors LLC Has $2.69 Million Position in Shopify Inc. (NYSE:SHOP)

Parallel Advisors LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 25,267 shares of the software maker’s stock after selling 691 shares during the period. Parallel Advisors LLC’s holdings in Shopify were worth $2,687,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. PFG Private Wealth Management LLC boosted its stake in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Shopify in the third quarter worth $33,000. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the fourth quarter worth $39,000. Mather Group LLC. grew its holdings in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the period. Finally, Truvestments Capital LLC bought a new stake in shares of Shopify in the 3rd quarter valued at $45,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 2.0 %

Shares of NYSE:SHOP opened at $96.78 on Tuesday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company’s 50 day moving average price is $110.53 and its two-hundred day moving average price is $98.94. The firm has a market cap of $125.31 billion, a PE ratio of 62.44, a PEG ratio of 4.82 and a beta of 2.60.

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

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. Royal Bank of Canada boosted their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Evercore ISI boosted their price objective on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. Finally, Oppenheimer raised their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

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.