Equitable Trust Co. Has $23.55 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Equitable Trust Co. decreased its stake in Shopify Inc. by 1.3%, now holding 246,622 shares valued at approximately $23.5 million.
• Shopify's stock price opened at $122.08, showing significant volatility with a 52-week range between $48.56 and $129.38.
• Analysts have mixed ratings for Shopify, with target prices ranging from $100 to $125 and an overall consensus rating of "Moderate Buy."

Equitable Trust Co. reduced its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,622 shares of the software maker's stock after selling 3,226 shares during the quarter. Shopify accounts for 1.3% of Equitable Trust Co.'s holdings, making the stock its 15th biggest position. Equitable Trust Co.'s holdings in Shopify were worth $23,547,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. LRI Investments LLC increased its stake in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after buying an additional 79 shares during the period. Fullcircle Wealth LLC increased its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after buying an additional 110 shares during the period. Seven Mile Advisory increased its stake in Shopify by 2.3% in the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after buying an additional 114 shares during the period. Avidian Wealth Enterprises LLC increased its stake in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after buying an additional 116 shares during the period. Finally, Pinnacle Financial Partners Inc increased its stake in Shopify by 4.0% in the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after buying an additional 125 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SHOP. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Truist Financial dropped their price objective on shares of Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research note on Wednesday, June 11th. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, DA Davidson upped their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Trading Down 1.9%

NYSE:SHOP traded down $2.47 during trading hours on Tuesday, hitting $124.37. 3,337,816 shares of the company traded hands, compared to its average volume of 10,385,909. The stock has a market capitalization of $161.35 billion, a price-to-earnings ratio of 80.24, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a 50-day moving average of $112.40 and a 200 day moving average of $106.05.

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.