Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 15.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,533,102 shares of the software maker's stock after selling 642,481 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.27% of Shopify worth $568,723,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $27,000. Lodestone Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $31,000. Sound Income Strategies LLC boosted its holdings in shares of Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock valued at $31,000 after purchasing an additional 89 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $32,000. Finally, Caitlin John LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 69.27% of the company's stock.
Wall Street Analysts Forecast Growth
SHOP has been the topic of several recent research reports. Piper Sandler initiated coverage on Shopify in a report on Thursday, March 12th. They set an "overweight" rating and a $165.00 price objective on the stock. TD Securities raised Shopify from a "hold" rating to a "buy" rating and set a $159.00 price objective on the stock in a report on Thursday, February 12th. TD Cowen raised Shopify from a "hold" rating to a "buy" rating and set a $159.00 price objective on the stock in a report on Wednesday, February 11th. Citizens Jmp cut their price objective on Shopify from $200.00 to $160.00 and set a "market outperform" rating on the stock in a report on Thursday, February 12th. Finally, Benchmark cut their price objective on Shopify from $195.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, February 10th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $162.70.
Read Our Latest Research Report on Shopify
Shopify Price Performance
Shares of Shopify stock opened at $110.79 on Friday. Shopify Inc. has a one year low of $78.00 and a one year high of $182.19. The firm has a market capitalization of $144.48 billion, a price-to-earnings ratio of 119.13, a PEG ratio of 3.93 and a beta of 2.82. The business has a 50-day simple moving average of $120.35 and a 200 day simple moving average of $144.85.
Shopify Company Profile
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Free Report)
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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