Thornburg Investment Management Inc. Sells 143,831 Shares of Shopify Inc. (NYSE:SHOP)

Thornburg Investment Management Inc. trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 29.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,161 shares of the software maker's stock after selling 143,831 shares during the period. Thornburg Investment Management Inc.'s holdings in Shopify were worth $37,020,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Select Equity Group L.P. lifted its stake in Shopify by 25.5% in the 4th quarter. Select Equity Group L.P. now owns 3,555,487 shares of the software maker's stock valued at $378,055,000 after purchasing an additional 723,369 shares during the last quarter. Shell Asset Management Co. grew its holdings in Shopify by 2.3% during the fourth quarter. Shell Asset Management Co. now owns 19,608 shares of the software maker's stock worth $2,086,000 after purchasing an additional 445 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in Shopify by 46.2% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 117,766 shares of the software maker's stock worth $12,522,000 after purchasing an additional 37,193 shares during the period. Redwood Investments LLC bought a new position in Shopify during the fourth quarter worth about $271,000. Finally, Quadcap Wealth Management LLC grew its holdings in Shopify by 4.1% during the fourth quarter. Quadcap Wealth Management LLC now owns 11,030 shares of the software maker's stock worth $1,173,000 after purchasing an additional 436 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of Shopify stock traded down $2.67 during trading on Tuesday, hitting $106.43. The company's stock had a trading volume of 8,290,534 shares, compared to its average volume of 9,562,003. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The stock has a market cap of $137.81 billion, a price-to-earnings ratio of 68.66, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The stock has a 50-day moving average price of $94.87 and a two-hundred day moving average price of $104.30.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson reduced their price target on Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. CIBC lifted their price target on Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, February 17th. JPMorgan Chase & Co. reduced their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, ATB Capital raised their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

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.