Ashe Capital Management LP Sells 616,483 Shares of Shopify Inc. (NYSE:SHOP)

Ashe Capital Management LP reduced its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,185,712 shares of the software maker's stock after selling 616,483 shares during the quarter. Shopify comprises about 19.1% of Ashe Capital Management LP's investment portfolio, making the stock its 3rd biggest position. Ashe Capital Management LP owned 0.17% of Shopify worth $232,407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. Norges Bank bought a new position in shares of Shopify in the fourth quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Shopify by 631.3% in the fourth 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 during the period. Marshall Wace LLP grew its stake in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, FIL Ltd increased its holdings in Shopify by 11.9% during the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after purchasing an additional 1,682,326 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of several recent research reports. ATB Capital increased their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. Scotiabank dropped their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Monday. DA Davidson reduced their price objective on shares of Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Wedbush reaffirmed an "outperform" rating and set a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Finally, Robert W. Baird upped their price objective on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.14.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $2.63 during midday trading on Thursday, reaching $97.63. 5,128,595 shares of the company's stock traded hands, compared to its average volume of 9,263,795. The company has a fifty day simple moving average of $95.32 and a two-hundred day simple moving average of $102.09. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market cap of $126.42 billion, a P/E ratio of 62.78, a PEG ratio of 4.82 and a beta of 2.82.

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

About Shopify

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.