Capital World Investors Reduces Holdings in Shopify Inc. $SHOP

Capital World Investors trimmed its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 53,612,596 shares of the software maker’s stock after selling 4,364,810 shares during the quarter. Shopify accounts for approximately 1.1% of Capital World Investors’ portfolio, making the stock its 15th largest position. Capital World Investors’ holdings in Shopify were worth $7,967,392,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify during the second quarter valued at approximately $27,000. Rothschild Investment LLC increased its stake in shares of Shopify by 47.5% in the second 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 period. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the 3rd quarter valued at $27,000. Estabrook Capital Management purchased a new stake in Shopify during the 2nd quarter valued at $29,000. Finally, Vestor Capital LLC purchased a new stake in Shopify during the 2nd quarter valued at $34,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Moffett Nathanson upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a report on Monday, February 9th. Cantor Fitzgerald reissued a “neutral” rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. BMO Capital Markets set a $160.00 price target on Shopify in a report on Thursday, February 12th. Robert W. Baird set a $160.00 price target on Shopify in a research note on Thursday, February 12th. Finally, Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.33.

Shopify Stock Performance

Shopify stock opened at $133.50 on Tuesday. The company has a 50 day moving average price of $136.61 and a 200-day moving average price of $149.12. The company has a market capitalization of $173.80 billion, a PE ratio of 143.55, a P/E/G ratio of 4.67 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.

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.