Equitable Trust Co. Reduces Position in Shopify Inc. $SHOP

Equitable Trust Co. cut its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 315,678 shares of the software maker’s stock after selling 10,271 shares during the period. Shopify comprises 2.2% of Equitable Trust Co.’s portfolio, making the stock its 8th biggest position. Equitable Trust Co.’s holdings in Shopify were worth $46,913,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Shopify in the second quarter valued at about $1,794,952,000. 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 purchasing an additional 7,403,821 shares during the period. Brown Advisory Inc. raised its holdings 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 lifted its position in shares of Shopify by 19.9% in 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 boosted its stake 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. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on SHOP shares. Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Wedbush reduced their price target on Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research note on Thursday, February 12th. Canaccord Genuity Group set a $165.00 target price on Shopify and gave the company a “buy” rating in a research note on Thursday, February 12th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th. 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. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average target price of $162.64.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $126.20 on Monday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The company has a market cap of $164.29 billion, a PE ratio of 135.70, a P/E/G ratio of 4.60 and a beta of 2.83. The business has a 50-day simple moving average of $145.96 and a two-hundred day simple moving average of $150.66.

Shopify Company 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.