Wellington Shields & Co. LLC Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Wellington Shields & Co. LLC reduced its stake in Shopify Inc. by 12.7%, selling 2,660 shares in the 1st quarter, leaving them with 18,343 shares valued at approximately $1.75 million.
• Multiple hedge funds have increased their holdings in Shopify, with notable increases from Capital World Investors, FMR LLC, and Mackenzie Financial Corp during the 4th quarter and the 1st quarter of the year.
• Analyst ratings for Shopify have varied, with one upgrade from Capital One Financial to "overweight" and a current average price target of $120.34, reflecting a "Moderate Buy" consensus rating.

Wellington Shields & Co. LLC cut its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,343 shares of the software maker's stock after selling 2,660 shares during the quarter. Wellington Shields & Co. LLC's holdings in Shopify were worth $1,751,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Jennison Associates LLC increased its holdings in shares of Shopify by 324.3% during the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. Durable Capital Partners LP increased its holdings in shares of Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. FIL Ltd boosted its position in shares of Shopify by 11.9% during the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock valued at $1,678,865,000 after buying an additional 1,682,326 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Shopify by 30.2% during the fourth quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker's stock valued at $748,799,000 after buying an additional 1,627,776 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 0.7%

NYSE SHOP traded down $0.80 during trading hours on Thursday, reaching $122.21. The company's stock had a trading volume of 8,481,536 shares, compared to its average volume of 10,365,797. The firm's 50-day moving average price is $113.56 and its 200-day moving average price is $106.44. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market capitalization of $158.55 billion, a price-to-earnings ratio of 78.85, a PEG ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

Several research firms recently commented on SHOP. Mizuho dropped their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Morgan Stanley increased their price objective on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Robert W. Baird increased their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. Finally, Arete Research raised Shopify to a "hold" rating in a research report on Wednesday, July 23rd. One equities 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 assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $120.34.

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.