Rathbones Group PLC Sells 99,224 Shares of Shopify Inc. $SHOP

Rathbones Group PLC lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,478,608 shares of the software maker’s stock after selling 99,224 shares during the quarter. Rathbones Group PLC’s holdings in Shopify were worth $219,736,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Financial Gravity Companies Inc. bought a new position in shares of Shopify in the 2nd quarter valued at about $27,000. Rothschild Investment LLC raised its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new position in Shopify during the third quarter worth $27,000. Estabrook Capital Management purchased a new position in Shopify during the second quarter worth $29,000. Finally, Vestor Capital LLC purchased a new stake in shares of Shopify in the second quarter valued at $34,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $130.20 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The firm’s 50-day moving average is $137.30 and its two-hundred day moving average is $149.06. The stock has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a PEG ratio of 4.74 and a beta of 2.83.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Monday, February 9th. Jefferies Financial Group set a $125.00 target price on Shopify and gave the company a “hold” rating in a research note on Monday, February 16th. Arete Research set a $175.00 price target on Shopify in a report on Monday, February 2nd. Bank of America raised their price target on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Citizens Jmp dropped their price objective on Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a report on Thursday, February 12th. Two 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.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

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.