Forsta AP Fonden Sells 10,600 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Forsta AP Fonden has reduced its holdings in Shopify Inc. by 2.9%, selling 10,600 shares and now owning a total of 358,900 shares worth approximately $34.14 million.
• Shopify's stock is currently trading at $151.07, with a market capitalization of $196 billion and a twelve-month price range of $63.91 to $156.85.
• Analysts have praised Shopify's stock performance, with price targets rising significantly; Oppenheimer has increased its price objective from $145 to $180 while the average consensus price target is $143.69.

Forsta AP Fonden trimmed its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 358,900 shares of the software maker's stock after selling 10,600 shares during the quarter. Forsta AP Fonden's holdings in Shopify were worth $34,138,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co increased its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after acquiring an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Shopify during the fourth quarter valued at $46,000. Finally, Accent Capital Management LLC purchased a new stake in Shopify during the first quarter valued at $46,000. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SHOP. Mizuho upped their price objective on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective for the company. in a research report on Tuesday, July 22nd. Citigroup upped their price objective on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday. Canaccord Genuity Group upped their price objective on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Scotiabank reiterated a "sector perform" rating and set a $150.00 price objective (up previously from $115.00) on shares of Shopify in a research report on Thursday. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Price Performance

Shares of NYSE:SHOP traded down $1.46 during trading on Friday, hitting $149.61. The company had a trading volume of 9,567,891 shares, compared to its average volume of 10,552,143. The stock has a market cap of $194.10 billion, a price-to-earnings ratio of 96.52, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The company has a fifty day simple moving average of $117.50 and a two-hundred day simple moving average of $107.86.

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.