Price T Rowe Associates Inc. MD Has $4.46 Billion Stock Position in Shopify Inc. (NYSE:SHOP)

Price T Rowe Associates Inc. MD lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,901,348 shares of the software maker's stock after selling 5,867,693 shares during the quarter. Shopify comprises 0.5% of Price T Rowe Associates Inc. MD's portfolio, making the stock its 29th largest position. Price T Rowe Associates Inc. MD owned about 3.24% of Shopify worth $4,455,371,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Jennison Associates LLC acquired a new position in shares of Shopify in the fourth quarter worth about $132,323,000. Watts Gwilliam & Co. LLC raised its position in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock valued at $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Synovus Financial Corp acquired a new position in shares of Shopify in the 3rd quarter valued at approximately $481,000. Western Financial Corp CA purchased a new position in shares of Shopify during the 4th quarter valued at approximately $239,000. Finally, Kessler Investment Group LLC acquired a new stake in shares of Shopify during the fourth quarter worth approximately $6,105,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 2.1 %

Shopify stock traded up $2.00 during mid-day trading on Friday, hitting $97.12. The company's stock had a trading volume of 7,818,257 shares, compared to its average volume of 9,257,477. The stock's fifty day moving average price is $97.43 and its two-hundred day moving average price is $101.69. The stock has a market capitalization of $125.75 billion, a P/E ratio of 62.66, a P/E/G ratio of 4.82 and a beta of 2.82. 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 posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHOP. Jefferies Financial Group increased their price objective on shares of Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a research note on Tuesday, February 18th. KeyCorp reduced their price target on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday. Wedbush reissued an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. UBS Group increased their target price on Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $119.67.

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.