Federated Hermes Inc. Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Federated Hermes Inc. reduced its stake in Shopify Inc. by 3.4%, selling 51,071 shares during the 1st quarter, now holding a total of 1,447,767 shares valued at approximately $140 million.
• Shopify's stock has had a significant range over the past year, with a low of $48.56 and a high of $129.38, currently opening at $126.84.
• Despite some recent upgrades in price targets from analysts, the consensus rating for Shopify is a “Moderate Buy” with an average target price of $120.34.

Federated Hermes Inc. lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,447,767 shares of the software maker's stock after selling 51,071 shares during the period. Federated Hermes Inc. owned 0.11% of Shopify worth $139,963,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Allianz SE bought a new position in Shopify during the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL bought a new position in Shopify in the fourth quarter valued at approximately $46,000. N.E.W. Advisory Services LLC bought a new position in Shopify in the first quarter valued at approximately $49,000. Finally, FWL Investment Management LLC bought a new position in Shopify in the fourth quarter valued at approximately $56,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. KeyCorp lifted their target price on Shopify from $115.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Loop Capital downgraded Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a research report on Tuesday, July 22nd. Scotiabank upped their price objective on Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Monday. BNP Paribas Exane downgraded Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research report on Monday, May 5th. Finally, Royal Bank Of Canada upped their target price on Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $120.34.

Shopify Stock Down 3.3%

Shopify stock traded down $4.04 during mid-day trading on Friday, reaching $118.17. 7,957,066 shares of the company's stock were exchanged, compared to its average volume of 10,346,454. The business's fifty day simple moving average is $113.56 and its 200 day simple moving average is $106.44. The firm has a market capitalization of $153.32 billion, a PE ratio of 76.31, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify 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.