MWA Asset Management Trims Stake in Shopify Inc. (NYSE:SHOP)

MWA Asset Management cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,202 shares of the software maker’s stock after selling 361 shares during the quarter. MWA Asset Management’s holdings in Shopify were worth $1,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC grew its holdings in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after purchasing an additional 471,280 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SHOP shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research report on Wednesday, January 22nd. Truist Financial raised their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. KeyCorp upped their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Oppenheimer upped their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company raised their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Stock Performance

SHOP opened at $117.33 on Friday. The company has a 50 day simple moving average of $110.88 and a two-hundred day simple moving average of $90.15. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a market cap of $151.60 billion, a P/E ratio of 109.65, a PEG ratio of 2.49 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.81.

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.