Shopify Inc. (NYSE:SHOP) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 156,024 shares of the software maker's stock after selling 22,576 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Shopify were worth $15,084,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allianz SE purchased a new stake in shares of Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC grew its position in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the 4th quarter worth $30,000. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the fourth quarter valued at $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of a number of research analyst reports. KeyCorp cut their target price on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. 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 research report on Monday, May 5th. JPMorgan Chase & Co. decreased their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Mizuho lowered their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Wedbush reiterated an "outperform" rating and issued a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five 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 $115.66.

Shopify Stock Performance

SHOP opened at $113.65 on Monday. The company has a market cap of $147.45 billion, a price-to-earnings ratio of 73.32, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business's fifty day moving average is $103.68 and its two-hundred day moving average is $104.64.

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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