Interchange Capital Partners LLC Sells 2,077 Shares of Shopify Inc. (NYSE:SHOP)

Interchange Capital Partners LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,795 shares of the software maker’s stock after selling 2,077 shares during the period. Interchange Capital Partners LLC’s holdings in Shopify were worth $1,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the last quarter. National Bank of Canada FI increased its position in shares of Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 30.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 2.4 %

Shares of Shopify stock opened at $104.29 on Monday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business’s 50-day moving average price is $110.04 and its 200-day moving average price is $99.73. The firm has a market capitalization of $135.04 billion, a PE ratio of 67.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 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, analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on SHOP. Jefferies Financial Group lifted their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. Morgan Stanley lifted their price target on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Truist Financial increased their price objective on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. Finally, Phillip Securities downgraded Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

About Shopify

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.