Advisors Asset Management Inc. Sells 8,478 Shares of Shopify Inc. (NYSE:SHOP)

Advisors Asset Management Inc. reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 357,537 shares of the software maker’s stock after selling 8,478 shares during the period. Shopify makes up 0.7% of Advisors Asset Management Inc.’s investment portfolio, making the stock its 14th biggest position. Advisors Asset Management Inc.’s holdings in Shopify were worth $38,017,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in SHOP. PFG Private Wealth Management LLC lifted its stake in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Brooklyn Investment Group bought a new stake in Shopify in the third quarter worth $33,000. New Wave Wealth Advisors LLC bought a new stake in Shopify in the fourth quarter worth $39,000. Mather Group LLC. increased its position in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after acquiring an additional 184 shares during the period. Finally, Truvestments Capital LLC purchased a new position in shares of Shopify in the third quarter valued at about $45,000. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shopify stock opened at $96.78 on Tuesday. The stock has a market cap of $125.31 billion, a price-to-earnings ratio of 62.44, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a 50-day moving average of $110.53 and a two-hundred day moving average of $98.94.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHOP. New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. UBS Group upped their price objective on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a report on Tuesday, February 11th. Finally, Moffett Nathanson upped their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. One 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

About Shopify

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.