Soma Equity Partners LP Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Soma Equity Partners LP lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,018,547 shares of the software maker's stock after selling 126,263 shares during the period. Shopify accounts for 6.0% of Soma Equity Partners LP's investment portfolio, making the stock its 8th biggest holding. Soma Equity Partners LP owned approximately 0.08% of Shopify worth $108,302,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of Shopify in the fourth quarter valued at $132,323,000. Western Financial Corp CA purchased a new position in Shopify during the 4th quarter valued at about $239,000. Kessler Investment Group LLC bought a new stake in shares of Shopify during the fourth quarter valued at about $6,105,000. Whalen Wealth Management Inc. bought a new stake in shares of Shopify during the fourth quarter valued at about $461,000. Finally, First National Corp MA ADV purchased a new stake in shares of Shopify in the fourth quarter worth about $237,000. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on SHOP. JPMorgan Chase & Co. reduced their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Robert W. Baird boosted their price target on shares of Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Morgan Stanley upped their price target on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, BMO Capital Markets assumed coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Shopify Stock Down 1.5%

Shares of Shopify stock traded down $1.65 during trading hours on Monday, reaching $109.10. 9,807,360 shares of the stock traded hands, compared to its average volume of 9,559,965. The company has a 50 day moving average price of $94.30 and a 200 day moving average price of $104.08. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm has a market capitalization of $141.26 billion, a price-to-earnings ratio of 70.39, a P/E/G ratio of 4.82 and a beta of 2.66.

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.