OVERSEA CHINESE BANKING Corp Ltd Cuts Holdings in Shopify Inc. (NYSE:SHOP)

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 47.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,368 shares of the software maker’s stock after selling 5,811 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Shopify were worth $514,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors lifted its stake in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC grew its stake in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors increased its holdings in Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after buying an additional 542,503 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SHOP has been the subject of a number of recent analyst reports. Oppenheimer lifted their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. KeyCorp boosted their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday. Canaccord Genuity Group increased their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Wedbush restated a “neutral” rating and set a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research report on Tuesday. Finally, JMP Securities increased their target price on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

SHOP stock opened at $115.13 on Thursday. The firm has a 50 day moving average of $79.47 and a 200-day moving average of $70.18. The company has a market cap of $148.56 billion, a price-to-earnings ratio of 104.86, a PEG ratio of 3.64 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. As a group, equities analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.