Sumitomo Mitsui Trust Group Inc. Lowers Holdings in Shopify Inc. (NYSE:SHOP)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.4% during the 4th quarter, HoldingsChannel reports. The firm owned 5,055,512 shares of the software maker’s stock after selling 851,680 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shopify were worth $537,553,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. increased its holdings in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC increased its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. National Bank of Canada FI raised its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares during the last quarter. Finally, Jennison Associates LLC bought a new stake in Shopify during the fourth quarter valued at about $132,323,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shopify stock opened at $118.61 on Friday. The stock has a market cap of $153.26 billion, a price-to-earnings ratio of 110.86, a price-to-earnings-growth ratio of 2.46 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a 50 day simple moving average of $110.75 and a 200-day simple moving average of $89.95. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.81.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SHOP shares. Oppenheimer boosted their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

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.