Capital Research Global Investors Sells 7,594,495 Shares of Shopify Inc. $SHOP

Capital Research Global Investors decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 79.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,917,942 shares of the software maker’s stock after selling 7,594,495 shares during the period. Capital Research Global Investors owned approximately 0.15% of Shopify worth $308,740,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SHOP. Kingdom Financial Group LLC. bought a new position in Shopify during the fourth quarter valued at $26,000. Curio Wealth LLC bought a new position in shares of Shopify in the fourth quarter worth about $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth about $29,000. Lodestone Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth about $31,000. Finally, Sound Income Strategies LLC grew its holdings in shares of Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SHOP. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Wedbush cut their price target on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Thursday, February 12th. Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Finally, UBS Group reiterated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

SHOP stock opened at $109.54 on Monday. The firm has a market cap of $142.15 billion, a price-to-earnings ratio of 108.46, a PEG ratio of 3.07 and a beta of 2.60. The firm has a 50-day simple moving average of $114.55 and a two-hundred day simple moving average of $132.75. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, equities analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.