Veracity Capital LLC Reduces Stock Position in Shopify Inc. $SHOP

Key Points

• Veracity Capital LLC cut its stake in Shopify by 85.2% in Q4, selling 11,946 shares and leaving it with 2,076 shares valued at about $334,000.
• Institutional investors own 69.27% of Shopify, and analysts have a consensus rating of "Moderate Buy" with a $162.70 average price target versus the recent share price of $125.83.

Veracity Capital LLC reduced its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 85.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,076 shares of the software maker's stock after selling 11,946 shares during the period. Veracity Capital LLC's holdings in Shopify were worth $334,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SHOP. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Shopify in the 4th quarter worth about $29,000. Lodestone Wealth Management LLC bought a new stake in shares of Shopify in the 4th quarter worth about $31,000. Sound Income Strategies LLC lifted its holdings in shares of Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after acquiring an additional 89 shares during the last quarter. JPL Wealth Management LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $32,000. Finally, Caitlin John LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $36,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 1.3%

Shares of Shopify stock opened at $125.83 on Friday. The firm's 50 day moving average price is $122.15 and its 200-day moving average price is $143.09. Shopify Inc. has a 52-week low of $88.14 and a 52-week high of $182.19. The company has a market cap of $164.10 billion, a P/E ratio of 135.30, a PEG ratio of 4.42 and a beta of 2.82.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. KeyCorp restated an "overweight" rating and issued a $160.00 target price on shares of Shopify in a report on Wednesday, February 11th. Truist Financial set a $150.00 target price on shares of Shopify and gave the stock a "buy" rating in a report on Tuesday, February 17th. Cantor Fitzgerald restated a "neutral" rating and issued a $126.00 target price (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $175.00 target price on shares of Shopify in a report on Thursday, February 12th. Finally, Citizens Jmp decreased their price objective on shares of Shopify from $200.00 to $160.00 and set a "market outperform" rating for the company in a report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $162.70.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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