Swiss National Bank Sells 68,100 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• The Swiss National Bank reduced its stake in Shopify Inc. by 1.9%, selling 68,100 shares during the first quarter, leaving it with 3,451,700 shares valued at approximately $328.6 million.
• In contrast, other hedge funds increased their positions in Shopify, with AMF Tjanstepension AB reporting a substantial 284.8% growth in holdings during the same period.
• Multiple analysts have revised their price targets for Shopify, with CIBC raising its target to $185.00 and UBS increasing it to $145.00, reflecting a generally positive outlook despite some mixed ratings.

Swiss National Bank cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,451,700 shares of the software maker's stock after selling 68,100 shares during the quarter. Swiss National Bank owned about 0.27% of Shopify worth $328,608,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co grew its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its stake in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the 4th quarter worth about $46,000. Finally, Accent Capital Management LLC acquired a new stake in shares of Shopify in the 1st quarter worth approximately $46,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. CIBC increased their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday. Truist Financial lifted their price target on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday. Arete restated a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. Finally, Canaccord Genuity Group raised their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.0%

Shares of SHOP traded down $1.46 during trading hours on Friday, reaching $149.61. The company's stock had a trading volume of 9,567,891 shares, compared to its average volume of 10,552,143. The firm has a market cap of $194.10 billion, a price-to-earnings ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The company has a 50 day moving average of $117.50 and a two-hundred day moving average of $107.86.

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.