China Universal Asset Management Co. Ltd. Reduces Holdings in Shopify Inc. (NYSE:SHOP)

China Universal Asset Management Co. Ltd. decreased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 31.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,500 shares of the software maker's stock after selling 8,000 shares during the quarter. China Universal Asset Management Co. Ltd.'s holdings in Shopify were worth $1,671,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. LRI Investments LLC increased its position in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares during the period. Tidemark LLC increased its position in shares of Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after acquiring an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares during the period. Fullcircle Wealth LLC increased its position in shares of Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares during the period. Finally, Seven Mile Advisory increased its position in shares of Shopify by 2.3% during the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after acquiring an additional 114 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shopify stock traded down $4.18 during mid-day trading on Tuesday, reaching $112.48. The company had a trading volume of 7,707,845 shares, compared to its average volume of 9,301,052. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market capitalization of $145.93 billion, a P/E ratio of 72.57, a P/E/G ratio of 4.82 and a beta of 2.61. The stock's 50-day simple moving average is $106.58 and its 200-day simple moving average is $104.77.

Analyst Ratings Changes

A number of analysts have recently weighed in on SHOP shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. KeyCorp dropped their target price on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. UBS Group dropped their target price on Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. DA Davidson increased their target price on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. Finally, Royal Bank Of Canada dropped their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. One research 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

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.