Russell Investments Group Ltd. Sells 30,604 Shares of Shopify Inc. $SHOP

Russell Investments Group Ltd. trimmed its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,545,732 shares of the software maker’s stock after selling 30,604 shares during the quarter. Russell Investments Group Ltd.’s holdings in Shopify were worth $229,771,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Schroder Investment Management Group lifted its stake in Shopify by 333.2% in the third quarter. Schroder Investment Management Group now owns 345,966 shares of the software maker’s stock valued at $51,549,000 after purchasing an additional 266,100 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management increased its position in Shopify by 1.1% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 42,565 shares of the software maker’s stock worth $6,326,000 after buying an additional 481 shares during the last quarter. Certified Advisory Corp bought a new stake in shares of Shopify in the third quarter valued at $212,000. PFG Advisors raised its stake in shares of Shopify by 7.2% in the third quarter. PFG Advisors now owns 10,788 shares of the software maker’s stock valued at $1,603,000 after buying an additional 720 shares during the period. Finally, Goodman Advisory Group LLC lifted its position in shares of Shopify by 16,980.9% during the 3rd quarter. Goodman Advisory Group LLC now owns 18,789 shares of the software maker’s stock valued at $2,792,000 after buying an additional 18,679 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOP. BMO Capital Markets set a $160.00 price target on Shopify in a research note on Thursday, February 12th. Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research note on Thursday, February 12th. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. Citizens Jmp cut their target price on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a research report on Thursday, February 12th. Finally, Canaccord Genuity Group set a $165.00 target price on shares of Shopify and gave the stock a “buy” rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Trading Down 3.4%

Shopify stock opened at $130.20 on Monday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The company has a market capitalization of $169.50 billion, a price-to-earnings ratio of 140.00, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. The business’s fifty day simple moving average is $137.30 and its two-hundred day simple moving average is $149.14.

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.