Tocqueville Asset Management L.P. Sells 17,530 Shares of Shopify Inc. (NYSE:SHOP)

Tocqueville Asset Management L.P. trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,422 shares of the software maker’s stock after selling 17,530 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Shopify were worth $12,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in Shopify in the 4th quarter worth approximately $132,323,000. Watts Gwilliam & Co. LLC boosted its stake in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the period. Wahed Invest LLC raised its holdings in shares of Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Shopify during the 3rd quarter worth approximately $33,676,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $96.78 on Tuesday. The stock’s 50-day moving average is $110.53 and its 200 day moving average is $98.94. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market cap of $125.31 billion, a P/E ratio of 62.44, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Oppenheimer upped their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 price objective on shares of Shopify in a report on Wednesday, February 12th. Citigroup upped their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Finally, Morgan Stanley upped their price objective on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

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.