Shopify Inc. (NYSE:SHOP) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 44.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,606 shares of the software maker's stock after selling 5,254 shares during the period. Freedom Investment Management Inc.'s holdings in Shopify were worth $702,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allianz SE purchased a new position in shares of Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC boosted its holdings in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $39,000. Finally, Mather Group LLC. increased its holdings in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after purchasing an additional 184 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 6.1 %

Shares of NYSE SHOP traded up $5.23 during trading hours on Wednesday, reaching $90.94. The stock had a trading volume of 8,608,576 shares, compared to its average volume of 9,236,960. The firm has a 50-day moving average of $98.84 and a 200-day moving average of $101.66. The firm has a market cap of $117.75 billion, a price-to-earnings ratio of 58.67, a PEG ratio of 4.82 and a beta of 2.82. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Evercore ISI boosted their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. CIBC upped their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Loop Capital cut their price objective on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group boosted their target price on shares of Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a report on Tuesday, February 18th. Finally, KeyCorp reduced their price target on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $119.66.

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.