Shopify Inc. (NYSE:SHOP) Shares Sold by Perpetual Ltd

Perpetual Ltd lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 178,537 shares of the software maker's stock after selling 14,976 shares during the quarter. Perpetual Ltd's holdings in Shopify were worth $18,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after buying an additional 200 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the third quarter worth about $33,000. Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% during the third 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. Truvestments Capital LLC purchased a new stake in Shopify during the third quarter valued at approximately $45,000. Finally, GAMMA Investing LLC lifted its stake in shares of Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock valued at $48,000 after purchasing an additional 253 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SHOP. Oppenheimer boosted their target price on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a "hold" rating to a "sell" rating in a research note on Thursday, November 21st. JMP Securities reaffirmed a "market outperform" rating and set a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. KeyCorp upped their price target on shares of Shopify from $80.00 to $130.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Finally, Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $100.31.

Shopify Price Performance

Shares of NYSE:SHOP traded up $3.09 during midday trading on Tuesday, reaching $106.44. 5,066,493 shares of the company's stock traded hands, compared to its average volume of 5,745,869. The company has a market cap of $137.54 billion, a P/E ratio of 99.48, a PEG ratio of 2.17 and a beta of 2.46. The company has a fifty day simple moving average of $109.65 and a two-hundred day simple moving average of $86.09. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72.

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.