Shopify Inc. (NYSE:SHOP) Shares Sold by Strengthening Families & Communities LLC

Strengthening Families & Communities LLC trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.8% in the third quarter, HoldingsChannel.com reports. The fund owned 3,981 shares of the software maker’s stock after selling 159 shares during the quarter. Strengthening Families & Communities LLC’s holdings in Shopify were worth $319,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital World Investors grew its stake in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. Mackenzie Financial Corp increased its stake in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. Finally, Toronto Dominion Bank lifted its position in Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. KeyCorp upped their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. JMP Securities lifted their price target on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. Truist Financial increased their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of NYSE SHOP opened at $105.90 on Tuesday. The stock has a market capitalization of $136.65 billion, a P/E ratio of 98.97, a P/E/G ratio of 3.45 and a beta of 2.36. The firm’s 50-day moving average price is $82.73 and its two-hundred day moving average price is $71.27. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.