Thoroughbred Financial Services LLC Sells 906 Shares of Shopify Inc. (NYSE:SHOP)

Thoroughbred Financial Services LLC decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,182 shares of the software maker’s stock after selling 906 shares during the period. Shopify makes up approximately 0.7% of Thoroughbred Financial Services LLC’s holdings, making the stock its 28th biggest position. Thoroughbred Financial Services LLC’s holdings in Shopify were worth $11,715,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Shopify in the fourth quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership increased its holdings in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. raised its position in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after buying an additional 3,849,796 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 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 acquiring an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Shopify by 30.2% during the 4th quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker’s stock valued at $748,799,000 after acquiring an additional 1,627,776 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SHOP shares. CIBC boosted their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. The Goldman Sachs Group boosted their target price on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. ATB Capital raised their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Finally, Oppenheimer raised 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. One 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 given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 18.2 %

Shares of SHOP stock opened at $82.29 on Friday. The stock’s 50-day moving average price is $109.29 and its 200-day moving average price is $101.20. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market capitalization of $106.55 billion, a price-to-earnings ratio of 53.09, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81.

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 analysts’ consensus estimates 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, research analysts predict that Shopify Inc. will post 1.12 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.