Wilmington Savings Fund Society FSB Sells 5,449 Shares of Shopify Inc. $SHOP

Wilmington Savings Fund Society FSB reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 46.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,162 shares of the software maker’s stock after selling 5,449 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Shopify were worth $916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Shopify in the second quarter worth about $1,794,952,000. Jennison Associates LLC raised its position in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. lifted its stake in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the period. Picton Mahoney Asset Management boosted its position in shares of Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Finally, Foxhaven Asset Management LP purchased a new stake in Shopify in the second quarter worth $156,044,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $122.35 on Friday. The firm’s 50 day moving average price is $130.53 and its 200-day moving average price is $148.18. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market cap of $159.56 billion, a PE ratio of 131.56, a P/E/G ratio of 4.39 and a beta of 2.83.

Analysts Set New Price Targets

Several brokerages have commented on SHOP. Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the company a “hold” rating in a research report on Wednesday, February 11th. Wells Fargo & Company set a $191.00 price objective on shares of Shopify and gave the stock an “overweight” rating in a research note on Thursday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $126.00 price objective (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Finally, ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $163.38.

About Shopify

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.