Comerica Bank lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,276 shares of the software maker’s stock after selling 1,463 shares during the quarter. Comerica Bank’s holdings in Shopify were worth $577,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in SHOP. Seven Bridges Advisors LLC bought a new position in Shopify in the 2nd quarter worth $120,000. Advisory Services Network LLC raised its holdings in Shopify by 26.6% in the 2nd quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after acquiring an additional 298 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in Shopify in the 2nd quarter worth $135,000. Sterling Investment Advisors Ltd. raised its holdings in Shopify by 100.0% in the 2nd quarter. Sterling Investment Advisors Ltd. now owns 2,000 shares of the software maker’s stock worth $174,000 after acquiring an additional 1,000 shares during the period. Finally, Wedbush Securities Inc. bought a new position in Shopify in the 2nd quarter worth $212,000. Institutional investors and hedge funds own 55.34% of the company’s stock.
Several research analysts recently commented on the stock. Vetr upgraded shares of Shopify from a “buy” rating to a “strong-buy” rating and set a $125.38 target price on the stock in a report on Wednesday, November 29th. KeyCorp restated an “overweight” rating and issued a $140.00 price target (up from $116.00) on shares of Shopify in a research report on Monday, November 27th. Roth Capital raised their price target on shares of Shopify from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Tuesday, November 21st. Barclays restated a “neutral” rating on shares of Shopify in a research report on Sunday, November 5th. Finally, Wedbush restated an “outperform” rating and issued a $120.00 price target on shares of Shopify in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Shopify presently has a consensus rating of “Buy” and an average target price of $101.54.
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Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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