Shopify Inc. (NYSE:SHOP) Position Trimmed by Metis Global Partners LLC

Metis Global Partners LLC lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,399 shares of the software maker’s stock after selling 2,054 shares during the period. Metis Global Partners LLC’s holdings in Shopify were worth $4,118,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GQG Partners LLC boosted its holdings in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Capital World Investors boosted its stake in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer lifted their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Loop Capital lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, UBS Group raised their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

NYSE SHOP opened at $109.08 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10. The firm has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a PEG ratio of 3.71 and a beta of 2.36. The stock has a 50-day simple moving average of $80.36 and a two-hundred day simple moving average of $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. On average, equities analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

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.