Thornburg Investment Management Inc. Reduces Holdings in Shopify Inc. $SHOP

Thornburg Investment Management Inc. cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 141,135 shares of the software maker’s stock after selling 31,551 shares during the period. Thornburg Investment Management Inc.’s holdings in Shopify were worth $20,974,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify during the third quarter worth about $27,000. Rothschild Investment LLC grew its stake in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Financial Gravity Companies Inc. purchased a new position in Shopify during the 2nd quarter worth approximately $27,000. Estabrook Capital Management acquired a new position in Shopify during the second quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC increased its position in Shopify by 104.9% during the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after buying an additional 128 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company set a $191.00 target price on shares of Shopify and gave the stock an “overweight” rating in a research report on Thursday, February 12th. Barclays set a $130.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research report on Thursday, February 12th. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. DA Davidson lifted their price objective on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $175.00 target price on shares of Shopify in a report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Shopify Stock Up 2.8%

Shares of NASDAQ:SHOP opened at $120.24 on Thursday. The company has a market cap of $156.53 billion, a price-to-earnings ratio of 129.29, a PEG ratio of 4.26 and a beta of 2.83. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm’s 50-day simple moving average is $143.35 and its 200-day simple moving average is $149.98.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.