Shopify Inc. $SHOP Shares Sold by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital trimmed its stake in Shopify by 30.1% in Q3, selling 3,584,441 shares and leaving it with 8,312,352 shares worth about $1.235 billion (Shopify was its 19th-largest holding).
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $163.38; recent moves include Bank of America raising its target to $190 (buy), Wolfe Research upgrading to outperform, and DZ Bank to strong-buy.
• Trading/valuation snapshot: SHOP opened at $126.17, with 50- and 200-day SMAs of $134.60 and $148.74, a market cap of $164.25 billion, a P/E of ~135.7, a 12-month range of $69.84–$182.19, and ~69.3% institutional ownership.

Arrowstreet Capital Limited Partnership lowered its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 30.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,312,352 shares of the software maker's stock after selling 3,584,441 shares during the period. Shopify comprises approximately 0.8% of Arrowstreet Capital Limited Partnership's holdings, making the stock its 19th largest position. Arrowstreet Capital Limited Partnership owned about 0.64% of Shopify worth $1,235,171,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC lifted its holdings in shares of Shopify by 1.7% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker's stock valued at $512,000 after buying an additional 59 shares during the period. Accurate Wealth Management LLC raised its position in Shopify by 2.0% in the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker's stock worth $526,000 after acquiring an additional 67 shares in the last quarter. Moloney Securities Asset Management LLC raised its position in Shopify by 1.8% in the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker's stock worth $587,000 after acquiring an additional 70 shares in the last quarter. Rothschild Investment LLC lifted its holdings in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after acquiring an additional 75 shares during the period. Finally, Sivia Capital Partners LLC boosted its position in shares of Shopify by 0.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker's stock worth $1,228,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Bank of America upped their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Wednesday, December 17th. Wolfe Research upgraded shares of Shopify from a "hold" rating to an "outperform" rating in a research report on Tuesday, January 6th. Raymond James Financial restated a "market perform" rating on shares of Shopify in a report on Monday, December 1st. DZ Bank raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Monday, February 16th. Finally, Barclays set a $130.00 price target on shares of Shopify and gave the company an "equal weight" rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $163.38.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $126.17 on Friday. The company has a 50-day simple moving average of $134.60 and a 200-day simple moving average of $148.74. The company has a market cap of $164.25 billion, a PE ratio of 135.67, a price-to-earnings-growth ratio of 4.65 and a beta of 2.83. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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