Sumitomo Mitsui Trust Group Inc. Sells 140,193 Shares of Shopify Inc. (NYSE:SHOP)

Sumitomo Mitsui Trust Group Inc. decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,907,192 shares of the software maker’s stock after selling 140,193 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shopify were worth $473,402,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SHOP. Baillie Gifford & Co. grew its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. GSA Capital Partners LLP bought a new position in shares of Shopify during the 3rd quarter worth about $1,011,000. Nations Financial Group Inc. IA ADV grew its stake in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the period. TRU Independence Asset Management 2 LLC bought a new stake in Shopify in the 3rd quarter valued at about $321,000. Finally, Chartwell Investment Partners LLC bought a new position in Shopify in the third quarter worth approximately $1,827,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Royal Bank of Canada upped their target price on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Evercore raised their price objective on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Robert W. Baird upped their target price on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $81.03.

Shopify Trading Up 3.3 %

NYSE:SHOP opened at $89.99 on Tuesday. The firm has a market capitalization of $116.12 billion, a P/E ratio of 91.83, a P/E/G ratio of 2.91 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average of $78.73 and a 200 day moving average of $69.92. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $92.16.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.