Perpetual Ltd Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Perpetual Ltd trimmed its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 173,029 shares of the software maker's stock after selling 5,508 shares during the quarter. Perpetual Ltd's holdings in Shopify were worth $16,521,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Shopify during the 4th quarter worth approximately $1,542,262,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after purchasing an additional 3,849,796 shares during the last quarter. Marshall Wace LLP lifted its position in Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP boosted its holdings in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after purchasing an additional 1,836,294 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 0.7%

SHOP stock opened at $113.07 on Friday. The firm has a 50-day moving average of $103.08 and a two-hundred day moving average of $104.80. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $146.69 billion, a price-to-earnings ratio of 72.95, a PEG ratio of 4.82 and a beta of 2.63.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent research reports. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Wedbush restated an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research note on Tuesday, April 15th. The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Finally, Scotiabank lowered their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.

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.

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