Steadview Capital Management LLC Sells 30,995 Shares of Shopify Inc. (NYSE:SHOP)

Steadview Capital Management LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,859 shares of the software maker's stock after selling 30,995 shares during the period. Shopify makes up approximately 8.7% of Steadview Capital Management LLC's holdings, making the stock its 5th biggest holding. Steadview Capital Management LLC's holdings in Shopify were worth $40,184,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital World Investors increased its position in shares of Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after acquiring an additional 496,982 shares during the period. Vanguard Group Inc. increased its position 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 acquiring an additional 781,162 shares during the period. FMR LLC increased its position in shares of 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 acquiring an additional 1,426,000 shares during the period. Capital International Investors lifted its stake in Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after acquiring an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake 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 worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SHOP shares. Jefferies Financial Group cut their price target on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Royal Bank Of Canada decreased their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Truist Financial decreased their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. National Bankshares decreased their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Trading Down 2.1%

NYSE:SHOP traded down $2.44 during midday trading on Friday, hitting $112.72. 3,134,124 shares of the stock were exchanged, compared to its average volume of 9,293,100. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market capitalization of $146.24 billion, a price-to-earnings ratio of 72.81, a P/E/G ratio of 4.82 and a beta of 2.61. The business has a 50-day moving average price of $107.60 and a two-hundred day moving average price of $104.93.

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.