Shopify Inc. (NYSE:SHOP) Position Lowered by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. has reduced its stake in Shopify by 6.5%, now holding approximately 55.88 million shares, which accounts for 4.7% of their investment portfolio.
• Shopify's stock has a 12-month price range of $48.56 to $129.38, with a current market cap of $158.38 billion.
• Wall Street analysts have mixed ratings for Shopify, with an average rating of "Moderate Buy" and a consensus target price of $119.16.

Baillie Gifford & Co. lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,877,748 shares of the software maker's stock after selling 3,898,764 shares during the quarter. Shopify comprises approximately 4.7% of Baillie Gifford & Co.'s portfolio, making the stock its 4th biggest position. Baillie Gifford & Co. owned about 4.32% of Shopify worth $5,335,206,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Allianz SE acquired a new position in Shopify during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Shopify during the fourth quarter worth $46,000. FWL Investment Management LLC acquired a new position in Shopify during the fourth quarter worth $56,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Shopify during the fourth quarter worth $60,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Mizuho dropped their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group dropped their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. BMO Capital Markets assumed coverage on Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Stifel Nicolaus upped their target price on Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $119.16.

Shopify Stock Performance

NYSE SHOP traded up $2.35 during trading hours on Friday, hitting $124.43. 6,934,211 shares of the company's stock were exchanged, compared to its average volume of 10,473,647. The business's 50 day moving average is $112.05 and its 200-day moving average is $105.90. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $161.43 billion, a P/E ratio of 80.28, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

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.