Shopify Inc. (NYSE:SHOP) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 463,074 shares of the software maker’s stock after selling 18,373 shares during the period. Townsquare Capital LLC’s holdings in Shopify were worth $49,239,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Shopify during the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership raised its position in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. raised its position in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the period. FIL Ltd raised its holdings in Shopify by 11.9% in the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock valued at $1,678,865,000 after buying an additional 1,682,326 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after acquiring an additional 1,647,374 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $83.71 on Friday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $108.39 billion, a PE ratio of 54.01, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. The business’s fifty day moving average price is $104.13 and its two-hundred day moving average price is $101.48.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SHOP shares. DA Davidson increased their target price on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 10th. Scotiabank upped their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research note on Tuesday, February 11th. Finally, ATB Capital raised their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Company 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.