Canandaigua National Bank & Trust Co. Cuts Position in Shopify Inc. (NYSE:SHOP)

Canandaigua National Bank & Trust Co. decreased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,945 shares of the software maker's stock after selling 2,428 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Shopify were worth $1,141,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SHOP. Capital World Investors raised its position in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after buying an additional 781,162 shares during the last quarter. FMR LLC increased its stake in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares in the last quarter. Capital International Investors raised its holdings in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Loop Capital dropped their target price on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Mizuho reduced their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Oppenheimer lowered their price target on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, BMO Capital Markets assumed coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Stock Performance

Shares of SHOP opened at $115.35 on Tuesday. The company's 50-day simple moving average is $104.35 and its 200-day simple moving average is $104.65. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock has a market capitalization of $149.65 billion, a PE ratio of 74.42, a P/E/G ratio of 4.82 and a beta of 2.63.

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.

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