First Trust Advisors LP Has $176.15 Million Holdings in Shopify Inc. $SHOP

First Trust Advisors LP lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 23.8% during the third quarter, Holdings Channel.com reports. The firm owned 1,185,345 shares of the software maker’s stock after selling 370,778 shares during the quarter. First Trust Advisors LP’s holdings in Shopify were worth $176,149,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Shopify by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after purchasing an additional 610,129 shares during the last quarter. Jennison Associates LLC grew its position in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify in the second quarter valued at about $1,794,952,000. Loomis Sayles & Co. L P increased its stake in shares of Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after buying an additional 191,824 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays set a $130.00 target price on Shopify and gave the company an “equal weight” rating in a report on Thursday, February 12th. Oppenheimer restated an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. Truist Financial set a $150.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Finally, BNP Paribas Exane initiated coverage on shares of Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Stock Down 3.4%

Shares of SHOP stock opened at $130.20 on Friday. The firm has a 50 day moving average of $137.30 and a 200-day moving average of $149.06. The company has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a price-to-earnings-growth ratio of 4.74 and a beta of 2.83. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

About Shopify

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.