Brown Capital Management LLC Trims Position in Shopify Inc. (NYSE:SHOP)

Brown Capital Management LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 478,449 shares of the software maker's stock after selling 33,511 shares during the quarter. Brown Capital Management LLC's holdings in Shopify were worth $38,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SHOP. Moser Wealth Advisors LLC lifted its stake in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after purchasing an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock worth $159,000 after buying an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after acquiring an additional 133 shares during the last quarter. CVA Family Office LLC raised its holdings in shares of Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock valued at $109,000 after acquiring an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC boosted its position in shares of Shopify by 3.5% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker's stock valued at $343,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP stock traded up $2.59 during midday trading on Thursday, reaching $106.53. 9,260,021 shares of the company's stock traded hands, compared to its average volume of 9,346,429. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62. The stock has a market cap of $137.47 billion, a P/E ratio of 97.17, a PEG ratio of 3.09 and a beta of 2.36. The stock's 50-day moving average is $84.11 and its 200 day moving average is $71.71.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JMP Securities raised their target price on shares of Shopify from $80.00 to $120.00 and gave the company a "market outperform" rating in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Roth Mkm upped their price objective on Shopify from $77.00 to $79.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Barclays raised their price objective on Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a report on Wednesday, November 13th. Finally, Wedbush reaffirmed a "neutral" rating and issued a $115.00 target price (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $94.95.

Shopify Profile

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.