Brookstone Capital Management Cuts Position in Shopify Inc. (NYSE:SHOP)

Brookstone Capital Management trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 46.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,727 shares of the software maker’s stock after selling 3,220 shares during the quarter. Brookstone Capital Management’s holdings in Shopify were worth $396,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton raised its holdings in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at about $45,000. Finally, GAMMA Investing LLC raised its holdings in shares of Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 0.2 %

Shares of Shopify stock opened at $103.25 on Friday. The business’s fifty day moving average price is $109.39 and its two-hundred day moving average price is $85.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market capitalization of $133.41 billion, a P/E ratio of 96.50, a PEG ratio of 2.18 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SHOP shares. Royal Bank of Canada raised their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Finally, Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $115.00 to $125.00 in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.31.

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.