Keybank National Association OH Sells 2,585 Shares of Shopify Inc. (NYSE:SHOP)

Keybank National Association OH cut its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,378 shares of the software maker's stock after selling 2,585 shares during the period. Keybank National Association OH's holdings in Shopify were worth $1,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of SHOP. Capital World Investors lifted its holdings in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC grew its stake in Shopify by 3.4% during the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares during the period. Capital International Investors lifted its position in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after purchasing an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

SHOP has been the subject of a number of recent analyst reports. BMO Capital Markets initiated coverage on shares of Shopify in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price for the company. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Scotiabank dropped their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company increased their target price on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, The Goldman Sachs Group decreased their price target on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Down 0.9%

Shares of SHOP stock traded down $1.00 during trading hours on Monday, reaching $115.52. 2,246,061 shares of the company's stock were exchanged, compared to its average volume of 10,724,211. The business has a fifty day moving average price of $106.22 and a 200-day moving average price of $104.72. The stock has a market capitalization of $149.87 billion, a P/E ratio of 74.53, a P/E/G 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.

Shopify Company 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.