MML Investors Services LLC Trims Stake in Shopify Inc. (NYSE:SHOP)

MML Investors Services LLC decreased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,246 shares of the software maker's stock after selling 9,031 shares during the period. MML Investors Services LLC's holdings in Shopify were worth $16,933,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Ossiam lifted its holdings in shares of Shopify by 3.3% during the fourth quarter. Ossiam now owns 120,642 shares of the software maker's stock valued at $12,833,000 after purchasing an additional 3,899 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Shopify in the 4th quarter worth about $17,248,000. Capital World Investors lifted its stake in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Shopify by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock worth $52,761,000 after acquiring an additional 26,416 shares during the period. Finally, Forum Financial Management LP lifted its position in Shopify by 70.8% during the fourth quarter. Forum Financial Management LP now owns 7,125 shares of the software maker's stock valued at $758,000 after purchasing an additional 2,953 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $2.00 on Friday, reaching $97.12. The company's stock had a trading volume of 7,818,257 shares, compared to its average volume of 9,257,471. The company has a 50-day simple moving average of $97.43 and a 200 day simple moving average of $101.69. The company has a market cap of $125.75 billion, a P/E ratio of 62.66, a PEG ratio of 4.82 and a beta of 2.82. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on SHOP. Phillip Securities downgraded shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. KeyCorp reduced their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday. Piper Sandler raised their target price on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald cut their price target on Shopify from $120.00 to $80.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, National Bankshares lowered their price objective on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $119.67.

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.