Two Sigma Investments LP Sells 12,384,770 Shares of Shopify Inc. (NYSE:SHOP)

Two Sigma Investments LP cut its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 99.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 130,830 shares of the software maker's stock after selling 12,384,770 shares during the quarter. Two Sigma Investments LP's holdings in Shopify were worth $13,911,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allianz SE bought a new stake in shares of Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC increased its holdings in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify in the fourth quarter worth about $39,000. Finally, Mather Group LLC. increased its holdings in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after purchasing an additional 184 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SHOP shares. Truist Financial reduced their target price on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a report on Tuesday, May 6th. Citigroup lifted their target price on Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. TD Securities lifted their target price on Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. DA Davidson reduced their target price on Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, February 17th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.37.

Shopify Trading Up 1.4%

Shares of NYSE SHOP traded up $1.49 during trading hours on Thursday, reaching $108.60. The stock had a trading volume of 2,768,691 shares, compared to its average volume of 9,427,095. The firm has a market cap of $140.61 billion, a price-to-earnings ratio of 70.08, a P/E/G ratio of 4.82 and a beta of 2.66. The business's fifty day moving average price is $95.45 and its two-hundred day moving average price is $105.03. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

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.