Shopify Inc. (NYSE:SHOP) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Shopify by 0.8%, owning approximately 4.98 million shares, which constitutes 6.0% of its portfolio.
• Analysts have varied ratings for Shopify stock, with one sell rating, eighteen hold ratings, and twenty-two buy ratings, establishing a consensus rating of "Moderate Buy" and a target price of $119.16.
• Shopify currently has a market cap of $161.43 billion and has experienced a 52-week price range between $48.56 and $129.38.

Nikko Asset Management Americas Inc. trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,983,349 shares of the software maker's stock after selling 41,914 shares during the quarter. Shopify comprises about 6.0% of Nikko Asset Management Americas Inc.'s holdings, making the stock its biggest holding. Nikko Asset Management Americas Inc. owned 0.38% of Shopify worth $475,810,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SHOP. Mediolanum International Funds Ltd increased its position in Shopify by 104.0% during the first quarter. Mediolanum International Funds Ltd now owns 132,909 shares of the software maker's stock valued at $12,865,000 after acquiring an additional 67,745 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Shopify by 4.7% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 169,182 shares of the software maker's stock valued at $16,142,000 after acquiring an additional 7,600 shares during the period. Drive Wealth Management LLC grew its position in shares of Shopify by 9.8% during the 1st quarter. Drive Wealth Management LLC now owns 2,259 shares of the software maker's stock valued at $216,000 after acquiring an additional 201 shares during the period. Caliber Wealth Management LLC KS bought a new stake in shares of Shopify during the 1st quarter valued at $434,000. Finally, Pacer Advisors Inc. grew its position in shares of Shopify by 3.0% during the 1st quarter. Pacer Advisors Inc. now owns 10,872 shares of the software maker's stock valued at $1,038,000 after acquiring an additional 312 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHOP. Mizuho cut their price objective on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. BMO Capital Markets initiated coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price for the company. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Wedbush reaffirmed an "outperform" rating and issued a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. Finally, Arete Research raised shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.34.

Shopify Price Performance

Shopify stock traded up $0.62 during trading hours on Wednesday, hitting $125.47. 2,204,018 shares of the stock traded hands, compared to its average volume of 10,346,669. The firm's 50 day moving average price is $112.77 and its 200-day moving average price is $106.18. The stock has a market capitalization of $162.78 billion, a price-to-earnings ratio of 80.98, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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.