Shopify Inc. $SHOP Position Trimmed by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC trimmed its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 45.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,530 shares of the software maker’s stock after selling 7,014 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Shopify were worth $1,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock valued at $5,688,053,000 after buying an additional 1,354,415 shares during the period. Jennison Associates LLC raised its holdings in shares of Shopify by 64.3% during the third 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. Norges Bank acquired a new stake in Shopify during the second quarter valued at $1,794,952,000. Loomis Sayles & Co. L P grew 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 purchasing an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake 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 valued at $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SHOP. National Bank Financial lifted their price target on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. KeyCorp reiterated an “overweight” rating and issued a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Oppenheimer reissued an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Wedbush cut their price target on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Finally, Evercore set a $135.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Thirty-one analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Price Performance

Shares of SHOP opened at $113.54 on Wednesday. The company has a market capitalization of $147.81 billion, a PE ratio of 122.09, a price-to-earnings-growth ratio of 3.96 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The company’s fifty day moving average price is $148.47 and its 200 day moving average price is $150.91.

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.