Mayflower Financial Advisors LLC Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Mayflower Financial Advisors LLC lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,351 shares of the software maker’s stock after selling 371 shares during the period. Mayflower Financial Advisors LLC’s holdings in Shopify were worth $888,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Baillie Gifford & Co. raised its holdings in 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 purchasing an additional 8,131,160 shares during the period. FMR LLC raised its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of 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 valued at $658,248,000 after buying an additional 484,561 shares in the last quarter. National Bank of Canada FI grew its stake in 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 acquiring an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 9.6% in 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. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 9.3 %

Shares of NYSE SHOP opened at $117.35 on Wednesday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $109.40 and its two-hundred day moving average is $87.52. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The firm has a market cap of $151.63 billion, a price-to-earnings ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Oppenheimer boosted their price objective on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Barclays lifted their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $100.32.

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.