Hoey Investments Inc. Reduces Stock Holdings in Shopify Inc. (NYSE:SHOP)

Hoey Investments Inc. lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 830 shares of the software maker’s stock after selling 560 shares during the period. Hoey Investments Inc.’s holdings in Shopify were worth $79,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Capital World Investors lifted its position in shares of Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock worth $5,646,455,000 after acquiring an additional 496,982 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. FMR LLC lifted its position in shares of Shopify by 3.4% during the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares in the last quarter. Capital International Investors lifted its position in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SHOP shares. National Bankshares decreased their price target on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $91.00 price target on shares of Shopify in a report on Wednesday. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. The Goldman Sachs Group decreased their price target on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company upped their price target on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.39.

Shopify Trading Down 3.5%

Shares of NYSE:SHOP opened at $105.34 on Friday. The stock’s 50-day moving average price is $98.64 and its 200-day moving average price is $105.09. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market capitalization of $136.40 billion, a P/E ratio of 67.96, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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.