Capital International Investors Sells 269,516 Shares of Shopify Inc. $SHOP

Capital International Investors reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,343,155 shares of the software maker’s stock after selling 269,516 shares during the quarter. Shopify accounts for approximately 1.0% of Capital International Investors’ investment portfolio, making the stock its 24th largest holding. Capital International Investors’ holdings in Shopify were worth $6,174,038,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank bought a new stake in shares of Shopify in the fourth quarter valued at approximately $2,611,797,000. Geode Capital Management LLC lifted its stake in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares during the last quarter. TD Asset Management Inc lifted its stake in Shopify by 2.2% during the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock worth $1,404,790,000 after purchasing an additional 185,252 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Shopify by 3.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock worth $978,679,000 after purchasing an additional 213,315 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. DA Davidson cut their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Wells Fargo & Company cut their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Stifel Nicolaus set a $115.00 target price on Shopify and gave the stock a “hold” rating in a research note on Wednesday, February 11th. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Finally, DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Stock Down 5.6%

NASDAQ SHOP opened at $109.54 on Friday. The company has a market capitalization of $142.15 billion, a price-to-earnings ratio of 108.46, a PEG ratio of 3.07 and a beta of 2.60. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a fifty day simple moving average of $114.55 and a 200 day simple moving average of $132.80.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Research analysts expect that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.