Rheos Capital Works Inc. Trims Holdings in Shopify Inc. $SHOP

Rheos Capital Works Inc. trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 138,000 shares of the software maker’s stock after selling 50,000 shares during the period. Shopify comprises about 1.4% of Rheos Capital Works Inc.’s investment portfolio, making the stock its 25th largest position. Rheos Capital Works Inc.’s holdings in Shopify were worth $22,214,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Apella Capital LLC purchased a new position in Shopify in the 4th quarter valued at about $209,000. Sound Income Strategies LLC lifted its holdings in Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after purchasing an additional 89 shares in the last quarter. Trueblood Wealth Management LLC lifted its holdings in Shopify by 5.4% in the 4th quarter. Trueblood Wealth Management LLC now owns 3,492 shares of the software maker’s stock valued at $562,000 after purchasing an additional 179 shares in the last quarter. Western Financial Corp CA lifted its holdings in Shopify by 1.6% in the 4th quarter. Western Financial Corp CA now owns 12,119 shares of the software maker’s stock valued at $1,951,000 after purchasing an additional 187 shares in the last quarter. Finally, Sunburst Financial Group LLC purchased a new position in shares of Shopify during the 4th quarter worth about $331,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ SHOP opened at $118.80 on Tuesday. Shopify Inc. has a one year low of $69.99 and a one year high of $182.19. The company’s 50 day moving average price is $122.17 and its 200 day moving average price is $145.87. The firm has a market capitalization of $154.93 billion, a price-to-earnings ratio of 127.74, a PEG ratio of 4.24 and a beta of 2.82.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SHOP shares. Citizens Jmp cut their price objective on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a report on Thursday, February 12th. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a report on Friday, March 27th. Piper Sandler started coverage on shares of Shopify in a report on Thursday, March 12th. They set an “overweight” rating and a $165.00 price objective on the stock. Finally, Barclays set a $130.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $162.70.

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.