Shopify Inc. (NYSE:SHOP) Holdings Decreased by Blueshift Asset Management LLC

Blueshift Asset Management LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 88.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,462 shares of the software maker’s stock after selling 43,719 shares during the period. Blueshift Asset Management LLC’s holdings in Shopify were worth $438,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SHOP. Baillie Gifford & Co. increased its stake in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC raised its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Shopify by 49.9% during the 2nd 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 last quarter. Clearbridge Investments LLC grew its stake in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares in the last quarter. Finally, MUFG Securities EMEA plc grew its stake in shares of Shopify by 11,507.2% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock valued at $99,488,000 after buying an additional 1,493,283 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shopify stock opened at $112.54 on Friday. The business has a 50 day simple moving average of $88.42 and a 200 day simple moving average of $73.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market capitalization of $145.41 billion, a PE ratio of 105.18, a price-to-earnings-growth ratio of 2.96 and a beta of 2.36. Shopify Inc. has a one year low of $48.56 and a one year high of $115.62.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Scotiabank lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Loop Capital upped their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Evercore raised their price objective on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $95.84.

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.