Truist Financial Corp lessened its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 367,147 shares of the software maker's stock after selling 22,340 shares during the quarter. Truist Financial Corp's holdings in Shopify were worth $35,055,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Shopify in the 4th quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership raised 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 valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP raised its position in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its position in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after purchasing an additional 1,836,294 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.
Shopify Stock Performance
SHOP traded down $4.18 on Tuesday, hitting $112.48. 7,707,845 shares of the company were exchanged, compared to its average volume of 9,301,078. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $145.93 billion, a PE ratio of 72.57, a PEG ratio of 4.82 and a beta of 2.61. The stock's fifty day moving average is $106.58 and its 200-day moving average is $104.77.
Analyst Ratings Changes
Several equities research analysts have weighed in on SHOP shares. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price on the stock. in a research report on Monday, May 5th. JPMorgan Chase & Co. dropped their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $115.66.
Read Our Latest Report on Shopify
Shopify Profile
(
Free Report)
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.
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