Highland Capital Management LLC Sells 400 Shares of Shopify Inc. (NYSE:SHOP)

Highland Capital Management LLC reduced its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 19,030 shares of the software maker’s stock after selling 400 shares during the period. Highland Capital Management LLC’s holdings in Shopify were worth $2,023,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SHOP. Truist Financial Corp boosted its stake in shares of Shopify by 12.5% during the second quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock valued at $36,364,000 after purchasing an additional 61,014 shares during the period. Sanctuary Advisors LLC purchased a new stake in Shopify in the 2nd quarter valued at about $9,664,000. Anchor Investment Management LLC grew its stake in Shopify by 31.5% in the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after acquiring an additional 207 shares in the last quarter. Doliver Advisors LP increased its position in shares of Shopify by 3.7% during the third quarter. Doliver Advisors LP now owns 5,913 shares of the software maker’s stock worth $474,000 after acquiring an additional 210 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after acquiring an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. New Street Research assumed coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price on the stock. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Stock Performance

NYSE SHOP opened at $119.23 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $154.06 billion, a P/E ratio of 111.43, a PEG ratio of 2.45 and a beta of 2.46. The stock has a 50-day simple moving average of $109.91 and a two-hundred day simple moving average of $88.09.

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.