Clearbridge Investments LLC Sells 187,544 Shares of Shopify Inc. $SHOP

Clearbridge Investments LLC decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,167,267 shares of the software maker’s stock after selling 187,544 shares during the quarter. Clearbridge Investments LLC owned about 0.32% of Shopify worth $670,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kingdom Financial Group LLC. bought a new stake in Shopify during the 4th quarter valued at $26,000. Curio Wealth LLC bought a new stake in Shopify during the 4th quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at $29,000. Lodestone Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at $31,000. Finally, Sound Income Strategies LLC raised its holdings in Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares during the period. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of analyst reports. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. UBS Group reissued a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Robert W. Baird set a $150.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Two equities research 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. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $109.54 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The firm has a fifty day moving average of $114.55 and a 200 day moving average of $132.80. The firm has a market capitalization of $142.15 billion, a PE ratio of 108.46, a price-to-earnings-growth ratio of 3.07 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. On average, sell-side analysts forecast that Shopify Inc. will post 1.36 EPS 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.