Nuveen Asset Management LLC Sells 574,937 Shares of Shopify Inc. (NYSE:SHOP)

Nuveen Asset Management LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,991,989 shares of the software maker's stock after selling 574,937 shares during the quarter. Nuveen Asset Management LLC owned 0.54% of Shopify worth $743,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of SHOP. Allianz SE bought a new stake in shares of Shopify during the 4th quarter worth $27,000. PFG Private Wealth Management LLC raised its stake in shares of Shopify by 3,657.1% during the 4th 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 period. Mark Sheptoff Financial Planning LLC raised its stake in shares of Shopify by 50.0% during the 4th 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 period. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify during the 4th quarter worth $39,000. Finally, Mather Group LLC. raised its stake in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after acquiring an additional 184 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 0.5%

SHOP stock traded up $0.54 during midday trading on Friday, hitting $110.75. The company had a trading volume of 96,037,521 shares, compared to its average volume of 9,569,946. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The stock's 50 day moving average price is $94.30 and its 200 day moving average price is $103.73. The stock has a market cap of $143.40 billion, a price-to-earnings ratio of 71.45, a PEG ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the topic of a number of research reports. Citigroup boosted their price objective on Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. ATB Capital boosted their price objective on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. KeyCorp lowered their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Benchmark lowered their price objective on Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Mizuho lowered their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

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.