TCW Group Inc. Trims Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• TCW Group Inc. holds a $117.65 million stake in Shopify Inc., representing approximately 1.1% of its total holdings, after reducing its position by 0.5% in the first quarter.
• Shopify stock opened at $124.43, with a market capitalization of $161.43 billion and a current consensus price target of $119.16.
• Recent ratings from various research firms show a mix of opinions on Shopify's stock, with two strong buy ratings, eighteen hold ratings, and twenty-two buy ratings noted.

TCW Group Inc. cut its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,233,469 shares of the software maker's stock after selling 6,410 shares during the quarter. Shopify comprises about 1.1% of TCW Group Inc.'s investment portfolio, making the stock its 28th largest position. TCW Group Inc. owned approximately 0.10% of Shopify worth $117,654,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Capital World Investors boosted its position in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares in the last quarter. FMR LLC boosted its position in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares in the last quarter. Capital International Investors boosted its position in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after buying an additional 968,026 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Finally, FIL Ltd boosted its position in shares of 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 in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SHOP shares. UBS Group restated a "hold" rating on shares of Shopify in a report on Friday, July 18th. Barclays reduced their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. The Goldman Sachs Group reduced their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group reduced 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 research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $120.34.

Shopify Stock Up 1.0%

Shares of Shopify stock traded up $1.22 on Thursday, hitting $124.23. 3,912,535 shares of the company's stock traded hands, compared to its average volume of 10,331,415. The stock has a market cap of $161.17 billion, a P/E ratio of 80.20, a PEG ratio of 4.82 and a beta of 2.61. The firm's 50-day moving average is $113.18 and its 200 day moving average is $106.30. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify Company 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.