Zurcher Kantonalbank Zurich Cantonalbank Sells 421,934 Shares of Shopify Inc. $SHOP

Key Points

• Zurcher Kantonalbank trimmed its stake in Shopify by 43.6% in Q4, selling 421,934 shares and retaining 546,252 shares valued at about $87.93 million.
• Analyst sentiment is broadly positive with an average rating of "Moderate Buy", an average price target of $162.70, and counts of 3 Strong Buy, 31 Buy and 10 Hold ratings.
• Shopify trades with a market cap of $171.03 billion and a P/E of 141.02, opened at $131.15 on the day reported, and has a 1‑year range of $80.35 to $182.19.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 43.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 546,252 shares of the software maker's stock after selling 421,934 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Shopify were worth $87,930,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Lodestone Wealth Management LLC bought a new position in shares of Shopify in the 4th quarter worth about $31,000. Sound Income Strategies LLC boosted its stake in Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after acquiring an additional 89 shares in the last quarter. JPL Wealth Management LLC bought a new stake in Shopify during the third quarter worth about $32,000. Caitlin John LLC purchased a new stake in Shopify in the third quarter worth about $36,000. Finally, Cornerstone Planning Group LLC grew its holdings in Shopify by 104.9% in the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker's stock worth $37,000 after purchasing an additional 128 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of analyst reports. Mizuho raised Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 price objective for the company in a research report on Thursday, February 12th. Wedbush cut their target price on Shopify from $185.00 to $160.00 and set an "outperform" rating on the stock in a research note on Thursday, February 12th. Wells Fargo & Company reduced their price target on Shopify from $191.00 to $166.00 and set an "overweight" rating for the company in a report on Monday, April 6th. KeyCorp reaffirmed an "overweight" rating and issued a $160.00 price target on shares of Shopify in a research report on Wednesday, February 11th. Finally, Evercore set a $135.00 price target on shares of Shopify in a research note on Wednesday, February 11th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $162.70.

Shopify Price Performance

Shares of SHOP stock opened at $131.15 on Monday. The company has a market cap of $171.03 billion, a price-to-earnings ratio of 141.02, a PEG ratio of 4.66 and a beta of 2.82. Shopify Inc. has a 1 year low of $80.35 and a 1 year high of $182.19. The firm has a fifty day moving average price of $120.94 and a 200-day moving average price of $144.03.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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