Mitsubishi UFJ Trust & Banking Corp Sells 158,272 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in Shopify Inc. by 16.2%, owning 817,090 shares worth approximately $78 million as of their latest SEC filing.
• Shopify shares experienced a 3% decline recently, with current prices fluctuating between a 52-week low of $48.56 and a high of $129.38.
• The average analyst rating for Shopify is a "Moderate Buy," with the average target price set at $120.34, reflecting diverse opinions among analysts regarding the stock's performance.

Mitsubishi UFJ Trust & Banking Corp lowered its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 817,090 shares of the software maker's stock after selling 158,272 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.06% of Shopify worth $78,016,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new position in Shopify during the 4th quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the 4th quarter worth $46,000. N.E.W. Advisory Services LLC bought a new stake in shares of Shopify during the 1st quarter worth $49,000. FWL Investment Management LLC bought a new stake in shares of Shopify during the 4th quarter worth $56,000. Finally, Clean Yield Group raised its stake in shares of Shopify by 59.9% during the 1st quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Wedbush restated an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Mizuho lowered their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Scotiabank boosted their price objective on Shopify from $90.00 to $115.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $120.34.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $6.61 during trading on Monday, reaching $125.21. 6,873,442 shares of the stock traded hands, compared to its average volume of 10,339,145. The stock has a 50-day moving average of $113.90 and a two-hundred day moving average of $106.60. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $162.45 billion, a P/E ratio of 80.78, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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.