Sumitomo Mitsui Trust Group Inc. lessened its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,012,428 shares of the software maker's stock after selling 43,084 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.39% of Shopify worth $478,587,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Dynamic Advisor Solutions LLC purchased a new position in shares of Shopify during the first quarter valued at $382,000. Assenagon Asset Management S.A. lifted its position in shares of Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after purchasing an additional 432 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after purchasing an additional 38,616 shares during the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of Shopify by 2.9% during the 1st quarter. Johnson Investment Counsel Inc. now owns 5,541 shares of the software maker's stock worth $529,000 after purchasing an additional 158 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Shopify by 2.1% in the 4th quarter. Blair William & Co. IL now owns 467,025 shares of the software maker's stock worth $49,659,000 after buying an additional 9,819 shares in the last quarter. Institutional investors own 69.27% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on SHOP. National Bankshares dropped their target price on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Wedbush restated an "outperform" rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. UBS Group decreased their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Barclays decreased their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Finally, Royal Bank Of Canada decreased their price target on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.66.
Read Our Latest Research Report on SHOP
Shopify Stock Performance
NYSE SHOP opened at $113.65 on Friday. The firm's fifty day moving average price is $103.68 and its two-hundred day moving average price is $104.80. The stock has a market cap of $147.45 billion, a PE ratio of 73.32, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.
Shopify Company Profile
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Free Report)
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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