Royal Fund Management LLC Sells 10,073 Shares of Shopify Inc. $SHOP

Royal Fund Management LLC cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 85.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,769 shares of the software maker’s stock after selling 10,073 shares during the period. Royal Fund Management LLC’s holdings in Shopify were worth $285,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Vanguard Group Inc. raised its holdings 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 boosted its stake 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 purchasing an additional 7,403,821 shares during the last quarter. TD Asset Management Inc increased its position in shares of Shopify by 1.4% during the third quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock worth $1,267,327,000 after buying an additional 118,836 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised 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 buying an additional 213,315 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Shopify by 4.4% during the third quarter. Legal & General Group Plc now owns 6,188,885 shares of the software maker’s stock worth $919,665,000 after buying an additional 260,968 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research analyst reports. Robert W. Baird set a $160.00 price target on shares of Shopify in a research report on Thursday, February 12th. Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the stock a “buy” rating in a research report on Thursday, February 12th. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Thursday, February 12th. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Finally, Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $163.38.

Shopify Price Performance

SHOP stock opened at $118.62 on Wednesday. The company’s 50-day moving average is $123.70 and its 200-day moving average is $146.72. The stock has a market capitalization of $154.69 billion, a PE ratio of 127.55, a price-to-earnings-growth ratio of 3.96 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Shopify Company 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.