Sustainable Growth Advisers LP Sells 47,522 Shares of Shopify Inc. (NYSE:SHOP)

Sustainable Growth Advisers LP trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 106,779 shares of the software maker’s stock after selling 47,522 shares during the quarter. Sustainable Growth Advisers LP’s holdings in Shopify were worth $11,354,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. PFG Private Wealth Management LLC lifted its holdings 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 acquiring an additional 256 shares during the period. Brooklyn Investment Group bought a new position in shares of Shopify during the 3rd quarter worth about $33,000. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the 4th quarter worth about $39,000. Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the period. Finally, Truvestments Capital LLC bought a new position in shares of Shopify during the 3rd quarter worth about $45,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHOP. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Wells Fargo & Company lifted their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. UBS Group lifted their price target on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Morgan Stanley lifted their price target on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Moffett Nathanson lifted their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $90.51 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market capitalization of $117.19 billion, a PE ratio of 58.39, a PEG ratio of 4.82 and a beta of 2.60. The company has a 50 day moving average price of $111.17 and a two-hundred day moving average price of $98.29.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current 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.