Sumitomo Life Insurance Co. Sells 380 Shares of Shopify Inc. (NYSE:SHOP)

Sumitomo Life Insurance Co. decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,732 shares of the software maker’s stock after selling 380 shares during the period. Sumitomo Life Insurance Co.’s holdings in Shopify were worth $1,354,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of SHOP. Baillie Gifford & Co. raised its position in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. FMR LLC raised 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 worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. National Bank of Canada FI lifted its stake in Shopify by 28.0% in 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 purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after purchasing an additional 1,325,350 shares during the period. Finally, International Assets Investment Management LLC increased its position in Shopify by 7,928.7% in the third quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock worth $91,513,000 after buying an additional 1,127,692 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $116.69 on Thursday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market cap of $150.77 billion, a PE ratio of 109.05, a PEG ratio of 2.24 and a beta of 2.46. The company’s fifty day moving average is $109.65 and its 200 day moving average is $87.89. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SHOP shares. Moffett Nathanson increased their price target on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. New Street Research assumed coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price for the company. KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays raised their price objective on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Finally, Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus 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.