Harbor Capital Advisors Inc. Sells 11,692 Shares of Shopify Inc. (NYSE:SHOP)

Harbor Capital Advisors Inc. trimmed its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,647 shares of the software maker's stock after selling 11,692 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Shopify were worth $2,408,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SHOP. Victory Capital Management Inc. lifted its stake in Shopify by 78.7% in the 2nd quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker's stock valued at $9,728,000 after purchasing an additional 64,856 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Shopify by 61.1% in the second quarter. American Century Companies Inc. now owns 1,444,714 shares of the software maker's stock valued at $95,439,000 after buying an additional 547,700 shares during the last quarter. BOKF NA boosted its stake in shares of Shopify by 36.2% during the 2nd quarter. BOKF NA now owns 7,794 shares of the software maker's stock worth $515,000 after acquiring an additional 2,072 shares during the period. Oppenheimer & Co. Inc. boosted its stake in shares of Shopify by 23.3% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 26,582 shares of the software maker's stock worth $1,756,000 after acquiring an additional 5,026 shares during the period. Finally, HBK Sorce Advisory LLC increased its holdings in shares of Shopify by 8.0% during the 2nd quarter. HBK Sorce Advisory LLC now owns 7,033 shares of the software maker's stock worth $465,000 after acquiring an additional 522 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of NYSE SHOP traded down $3.73 during midday trading on Friday, reaching $103.91. 8,964,123 shares of the company were exchanged, compared to its average volume of 5,795,767. The stock's 50-day moving average price is $107.35 and its 200-day moving average price is $84.54. The stock has a market cap of $134.26 billion, a P/E ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72.

Analysts Set New Price Targets

Several brokerages have issued reports on SHOP. Wedbush raised Shopify from a "neutral" rating to an "outperform" rating and raised their price target for the company from $115.00 to $125.00 in a report on Monday, January 6th. New Street Research started coverage on shares of Shopify in a research note on Friday. They set a "neutral" rating and a $115.00 target price for the company. Mizuho upped their price target on shares of Shopify from $68.00 to $105.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $100.31.

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.