Clearbridge Investments LLC reduced its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,828,705 shares of the software maker's stock after selling 96,986 shares during the period. Clearbridge Investments LLC owned about 0.45% of Shopify worth $619,766,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new stake in shares of Shopify during the third quarter worth $33,000. FORA Capital LLC acquired a new position in Shopify during the 3rd quarter worth about $223,000. Fiduciary Trust Co bought a new stake in Shopify during the 3rd quarter worth about $548,000. Eventide Asset Management LLC acquired a new stake in Shopify in the 3rd quarter valued at about $1,159,000. Finally, PDT Partners LLC bought a new position in shares of Shopify in the third quarter worth about $3,270,000. 69.27% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
SHOP has been the topic of several research analyst reports. Piper Sandler increased their price target on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. Wells Fargo & Company increased their price objective on Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. The Goldman Sachs Group boosted their target price on Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $120.00 price target on shares of Shopify in a report on Wednesday, February 12th. Finally, TD Securities boosted their price objective on Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.31.
Read Our Latest Research Report on SHOP
Shopify Stock Performance
Shares of Shopify stock traded up $1.94 on Wednesday, hitting $99.58. The stock had a trading volume of 5,091,396 shares, compared to its average volume of 8,755,474. The stock has a 50 day moving average of $109.88 and a 200 day moving average of $101.33. The firm has a market capitalization of $128.94 billion, a P/E ratio of 64.25, a PEG ratio of 4.82 and a beta of 2.81. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.
About Shopify
(
Free Report)
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.
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