Flputnam Investment Management Co. Trims Stock Holdings in Shopify Inc. (NYSE:SHOP)

Flputnam Investment Management Co. lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,305 shares of the software maker’s stock after selling 114 shares during the quarter. Flputnam Investment Management Co.’s holdings in Shopify were worth $351,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Shopify in the third quarter valued at approximately $33,000. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the 4th quarter valued at $39,000. Mather Group LLC. increased its stake in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the period. Truvestments Capital LLC acquired a new stake in shares of Shopify in the third quarter worth $45,000. Finally, Sierra Ocean LLC purchased a new position in shares of Shopify during the fourth quarter worth $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on SHOP shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. The Goldman Sachs Group upped their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Scotiabank lifted their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Truist Financial upped their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Down 5.1 %

Shares of SHOP opened at $106.25 on Tuesday. The stock has a fifty day simple moving average of $112.82 and a two-hundred day simple moving average of $97.34. The company has a market capitalization of $137.57 billion, a PE ratio of 68.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share 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.