DAVENPORT & Co LLC lessened its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 19.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,847 shares of the software maker's stock after selling 5,847 shares during the period. DAVENPORT & Co LLC's holdings in Shopify were worth $2,277,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in SHOP. Norges Bank purchased a new position in Shopify in the 4th quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership increased its stake in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. increased its stake in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after buying an additional 3,849,796 shares during the period. Marshall Wace LLP increased its stake in Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after buying an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP increased its stake in Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after buying an additional 1,836,294 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on SHOP. BMO Capital Markets began coverage on shares of Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price target on the stock. Wells Fargo & Company raised their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. UBS Group cut their target price on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Barclays cut their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Finally, Mizuho cut their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.
Read Our Latest Analysis on SHOP
Shopify Price Performance
SHOP stock opened at $117.50 on Friday. The firm's fifty day simple moving average is $106.22 and its 200-day simple moving average is $104.77. The company has a market capitalization of $152.44 billion, a P/E ratio of 75.81, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.
Shopify Profile
(
Free Report)
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.
See Also
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