Shopify Inc. (NYSE:SHOP) Shares Sold by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 24.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,100 shares of the software maker's stock after selling 32,400 shares during the quarter. Shopify comprises approximately 5.3% of BOCHK Asset Management Ltd's holdings, making the stock its 8th biggest position. BOCHK Asset Management Ltd's holdings in Shopify were worth $9,462,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital World Investors grew its position in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the period. Vanguard Group Inc. lifted its stake in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC grew its holdings 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 purchasing an additional 1,426,000 shares during the period. Capital International Investors increased its position in 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 buying an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised 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 valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 0.1%

Shares of SHOP traded up $0.14 during midday trading on Monday, hitting $116.66. The company's stock had a trading volume of 5,418,182 shares, compared to its average volume of 9,307,400. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market capitalization of $151.35 billion, a price-to-earnings ratio of 75.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company's fifty day simple moving average is $106.22 and its two-hundred day simple moving average is $104.72.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SHOP shares. JPMorgan Chase & Co. reduced their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Morgan Stanley lifted their price objective on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Royal Bank Of Canada reduced their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Finally, Loop Capital decreased their price target on shares of Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average 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.