Shopify Inc. (NYSE:SHOP) Holdings Decreased by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,092,913 shares of the software maker's stock after selling 758,185 shares during the quarter. Franklin Resources Inc. owned 0.86% of Shopify worth $1,179,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC acquired a new stake in Shopify during the 4th quarter valued at $132,323,000. Watts Gwilliam & Co. LLC lifted its position in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock valued at $1,431,000 after acquiring an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker's stock valued at $27,409,000 after acquiring an additional 77,500 shares during the last quarter. Wahed Invest LLC increased its position in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock worth $4,618,000 after purchasing an additional 8,960 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Shopify in the 3rd quarter valued at about $33,676,000. Institutional investors and hedge funds own 69.27% of the company's stock.

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Shopify Trading Up 2.3 %

NYSE SHOP traded up $2.16 during mid-day trading on Tuesday, reaching $97.64. 10,301,385 shares of the company's stock traded hands, compared to its average volume of 8,807,329. The company has a fifty day simple moving average of $110.06 and a 200-day simple moving average of $101.15. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market cap of $126.43 billion, a price-to-earnings ratio of 62.99, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SHOP. Loop Capital raised shares of Shopify from a "hold" rating to a "buy" rating and raised their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Robert W. Baird lifted their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reissued a "neutral" rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. Evercore ISI raised their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Finally, Truist Financial upped their target price on Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.31.

Shopify Company 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.