Shopify Inc. $SHOP Shares Sold by Pitcairn Co.

Pitcairn Co. cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 41.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,543 shares of the software maker’s stock after selling 3,911 shares during the quarter. Pitcairn Co.’s holdings in Shopify were worth $824,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC acquired a new stake in Shopify in the 3rd quarter worth approximately $4,110,000. Principal Financial Group Inc. grew its position in Shopify by 16.3% during the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after purchasing an additional 63,300 shares during the last quarter. Triton Financial Group Inc acquired a new position in Shopify during the 3rd quarter valued at approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shopify by 65.5% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after purchasing an additional 62,743 shares in the last quarter. Finally, TriaGen Wealth Management LLC purchased a new position in shares of Shopify in the third quarter worth $2,562,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SHOP. Moffett Nathanson upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 9th. Citigroup restated a “buy” rating and issued a $172.00 target price (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. KeyCorp reiterated an “overweight” rating and set a $160.00 price target on shares of Shopify in a research note on Wednesday, February 11th. Finally, BNP Paribas Exane assumed coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Price Performance

Shares of Shopify stock opened at $130.20 on Friday. The firm has a fifty day moving average price of $137.30 and a 200 day moving average price of $149.06. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The stock has a market cap of $169.50 billion, a PE ratio of 140.00, a price-to-earnings-growth ratio of 4.74 and a beta of 2.83.

Shopify 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.