Thornburg Investment Management Inc. Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Thornburg Investment Management Inc. significantly reduced its holdings in Shopify shares by 58.8%, now owning 143,397 shares valued at $13.7 million.
• Shopify's stock currently has a market cap of $164.56 billion and a 52-week trading range between $48.56 and $129.38.
• Analysts show a consensus rating of "Moderate Buy" for Shopify, with an average price target of $120.34.

Thornburg Investment Management Inc. lessened its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 58.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,397 shares of the software maker's stock after selling 204,764 shares during the period. Thornburg Investment Management Inc.'s holdings in Shopify were worth $13,692,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC increased its stake in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after buying an additional 2,228,091 shares in the last quarter. Durable Capital Partners LP raised its holdings in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after buying an additional 1,836,294 shares in the last quarter. Finally, FIL Ltd lifted its position in Shopify by 11.9% in the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after buying an additional 1,682,326 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of NYSE SHOP traded down $0.80 during mid-day trading on Thursday, reaching $122.21. The company's stock had a trading volume of 8,481,536 shares, compared to its average volume of 10,365,797. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The stock has a fifty day moving average of $113.18 and a two-hundred day moving average of $106.30. The firm has a market capitalization of $158.55 billion, a PE ratio of 78.85, a P/E/G ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. BNP Paribas Exane lowered shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a report on Monday, May 5th. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research note on Tuesday, July 22nd. Cantor Fitzgerald reissued a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. Mizuho reduced their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Jefferies Financial Group cut their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

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.