Clearbridge Investments LLC Sells 96,986 Shares of Shopify Inc. (NYSE:SHOP)

Clearbridge Investments LLC cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,828,705 shares of the software maker’s stock after selling 96,986 shares during the quarter. Clearbridge Investments LLC owned about 0.45% of Shopify worth $619,766,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allianz SE bought a new position in Shopify in the 4th quarter valued at $27,000. PFG Private Wealth Management LLC lifted its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC bought a new position in Shopify in the fourth quarter valued at $39,000. Finally, Mather Group LLC. raised its position in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. Oppenheimer boosted their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Scotiabank upped their price target on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 10th. Finally, Citigroup increased their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. One equities research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 5.9 %

Shopify stock opened at $96.51 on Friday. The firm has a market cap of $124.96 billion, a price-to-earnings ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a fifty day simple moving average of $110.21 and a two-hundred day simple moving average of $100.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company 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.