Citizens Financial Group Inc. RI Trims Holdings in Shopify Inc. (NYSE:SHOP)

Citizens Financial Group Inc. RI lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 50.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,228 shares of the software maker’s stock after selling 22,676 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Shopify were worth $2,364,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. PFG Private Wealth Management LLC lifted its holdings in Shopify by 3,657.1% in 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 in the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $39,000. Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Shopify during the third quarter worth $33,000. Finally, Sierra Ocean LLC purchased a new position in Shopify during the fourth quarter valued at $46,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

NYSE:SHOP opened at $92.79 on Wednesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a 50-day moving average of $111.70 and a 200 day moving average of $98.36. The firm has a market cap of $120.15 billion, a PE ratio of 59.86, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

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

Analyst Ratings Changes

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. KeyCorp raised their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Morgan Stanley increased their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Barclays boosted their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $126.31.

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.