Sumitomo Mitsui Trust Group Inc. Lowers Position in Shopify Inc. $SHOP

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,175,583 shares of the software maker’s stock after selling 1,055,674 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.32% of Shopify worth $620,533,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Shopify in the 2nd quarter worth $1,794,952,000. Jennison Associates LLC raised its holdings in shares of Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares during the period. 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 in the last quarter. Geode Capital Management LLC grew its holdings in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management increased its position in Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 2.3%

SHOP stock opened at $164.48 on Monday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The company has a market capitalization of $214.13 billion, a price-to-earnings ratio of 121.84, a price-to-earnings-growth ratio of 4.89 and a beta of 2.83. The firm’s 50-day moving average is $160.02 and its two-hundred day moving average is $148.14.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on SHOP. BNP Paribas began coverage on Shopify in a research report on Monday, November 24th. They issued a “neutral” rating on the stock. National Bankshares raised their target price on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. CIBC restated an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $165.00 to $200.00 in a research report on Thursday. Finally, TD Securities raised shares of Shopify to a “hold” rating in a research report on Thursday, December 4th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $171.61.

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.