Sigma Planning Corp Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Sigma Planning Corp decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,939 shares of the software maker’s stock after selling 5,625 shares during the period. Sigma Planning Corp’s holdings in Shopify were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Atria Investments Inc lifted its holdings in shares of Shopify by 16.8% during the 3rd quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after purchasing an additional 22,832 shares during the last quarter. Lindbrook Capital LLC raised its stake in Shopify by 4.7% in the third quarter. Lindbrook Capital LLC now owns 7,314 shares of the software maker’s stock valued at $586,000 after buying an additional 326 shares during the last quarter. Assetmark Inc. boosted its holdings in Shopify by 6.6% in the third quarter. Assetmark Inc. now owns 71,120 shares of the software maker’s stock worth $5,700,000 after acquiring an additional 4,392 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in shares of Shopify by 51.7% during the third quarter. Verdence Capital Advisors LLC now owns 31,823 shares of the software maker’s stock worth $2,550,000 after acquiring an additional 10,848 shares during the last quarter. Finally, Washington Trust Advisors Inc. increased its holdings in shares of Shopify by 73.4% during the third quarter. Washington Trust Advisors Inc. now owns 1,543 shares of the software maker’s stock valued at $124,000 after acquiring an additional 653 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NYSE SHOP opened at $108.24 on Wednesday. The firm has a 50-day simple moving average of $78.73 and a 200-day simple moving average of $69.92. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $139.67 billion, a price-to-earnings ratio of 110.45, a price-to-earnings-growth ratio of 2.91 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $114.51.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. UBS Group boosted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Royal Bank of Canada raised their target price on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Robert W. Baird increased their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Evercore lifted their target price on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.19.

Shopify Company 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.