Sumitomo Mitsui DS Asset Management Company Ltd Sells 314 Shares of Shopify Inc. (NYSE:SHOP)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,765 shares of the software maker’s stock after selling 314 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Shopify were worth $1,676,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. raised its stake in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC raised its stake in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. National Bank of Canada FI lifted its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares during the period. Finally, Jennison Associates LLC bought a new position in Shopify during the fourth quarter worth $132,323,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 2.1 %

Shares of SHOP stock opened at $119.88 on Tuesday. The stock’s fifty day simple moving average is $110.91 and its 200 day simple moving average is $90.95. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $123.41. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $154.89 billion, a P/E ratio of 112.04, a P/E/G ratio of 2.49 and a beta of 2.47.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Oppenheimer raised their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.74.

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.