Capital Group Investment Management PTE. LTD. Lowers Position in Shopify Inc. $SHOP

Capital Group Investment Management PTE. LTD. trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 81,154 shares of the software maker’s stock after selling 6,804 shares during the quarter. Shopify makes up approximately 2.0% of Capital Group Investment Management PTE. LTD.’s portfolio, making the stock its 7th biggest position. Capital Group Investment Management PTE. LTD.’s holdings in Shopify were worth $12,060,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Shopify by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after buying an additional 610,129 shares during the last quarter. Jennison Associates LLC increased its position in Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. Norges Bank purchased a new stake in Shopify in the second quarter valued at about $1,794,952,000. Loomis Sayles & Co. L P raised its stake in Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after buying an additional 191,824 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.5%

Shares of NASDAQ:SHOP opened at $133.50 on Tuesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a market cap of $173.80 billion, a PE ratio of 143.55, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. The company’s 50 day moving average is $136.61 and its 200 day moving average is $149.12.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SHOP shares. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Shopify in a research note on Thursday, February 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Jefferies Financial Group upped their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “hold” rating in a research note on Monday. Finally, Truist Financial set a $150.00 price target on shares of Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.33.

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.