Sumitomo Life Insurance Co. Sells 380 Shares of Shopify Inc. (NYSE:SHOP)

Sumitomo Life Insurance Co. reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,732 shares of the software maker’s stock after selling 380 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Shopify were worth $1,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Trust Co. of Vermont raised its stake in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares during the last quarter. First United Bank & Trust increased its holdings in Shopify by 2.2% during the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares during the period. Sunbelt Securities Inc. raised its position in Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after purchasing an additional 105 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its holdings in Shopify by 3.3% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after buying an additional 107 shares during the period. Finally, Moser Wealth Advisors LLC grew its position in shares of Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after buying an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $115.00 to $125.00 in a research report on Monday, January 6th. The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Finally, New Street Research started coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Stock Down 0.7 %

Shares of Shopify stock opened at $116.69 on Thursday. 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 twelve month low of $48.56 and a twelve month high of $120.72. The company has a market cap of $150.77 billion, a price-to-earnings ratio of 109.05, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46. The company’s 50 day moving average is $109.65 and its 200 day moving average is $87.89.

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.