Shopify Inc. (NYSE:SHOP) Shares Sold by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its stake in Shopify Inc. by 60.2% during the first quarter, selling 5,735 shares and holding only 3,790 shares valued at $362,000.
• Several institutional investors have recently adjusted their positions in Shopify, with 69.27% of the company's stock now owned by hedge funds and other investors.
• Brokerages have revised their price targets for Shopify, with Jefferies lowering it from $130.00 to $110.00, while the average target price is now set at $120.34 with a consensus rating of "Moderate Buy."

Harvest Fund Management Co. Ltd lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 60.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,790 shares of the software maker's stock after selling 5,735 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Shopify were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Brighton Jones LLC raised its holdings in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Shopify by 112.7% in the 4th quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker's stock valued at $3,864,000 after acquiring an additional 19,242 shares during the period. RWA Wealth Partners LLC acquired a new position in shares of Shopify in the 4th quarter valued at $356,000. Geode Capital Management LLC increased its holdings in shares of Shopify by 30.2% in the 4th quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker's stock valued at $748,799,000 after acquiring an additional 1,627,776 shares during the period. Finally, Potomac Fund Management Inc. ADV acquired a new position in shares of Shopify in the 4th quarter valued at $285,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SHOP shares. 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 report on Friday, May 9th. Stifel Nicolaus lifted their target price on shares of Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. cut their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Arete Research raised shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. Finally, DA Davidson lifted their target price on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $120.34.

Shopify Stock Performance

NYSE SHOP traded down $3.61 during trading hours on Friday, reaching $118.60. The company's stock had a trading volume of 9,876,820 shares, compared to its average volume of 10,362,981. The stock has a market cap of $153.87 billion, a PE ratio of 76.52, a PEG ratio of 4.82 and a beta of 2.61. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company's 50-day moving average is $113.90 and its two-hundred day moving average is $106.56.

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.