Capital Group Private Client Services Inc. Trims Stock Holdings in Shopify Inc. $SHOP

Capital Group Private Client Services Inc. decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 65.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,475 shares of the software maker’s stock after selling 164,281 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Shopify were worth $12,702,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Financial Gravity Companies Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $27,000. Rothschild Investment LLC increased its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC purchased a new position in Shopify during the 3rd quarter valued at about $27,000. Estabrook Capital Management purchased a new position in Shopify during the 2nd quarter valued at about $29,000. Finally, Vestor Capital LLC bought a new stake in Shopify during the second quarter worth about $34,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 2.5%

Shares of SHOP opened at $133.50 on Tuesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a market capitalization of $173.80 billion, a P/E ratio of 143.55, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. The firm has a 50 day moving average of $136.61 and a 200 day moving average of $149.12.

Analyst Ratings Changes

A number of brokerages have weighed in on SHOP. Barclays set a $130.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Needham & Company LLC reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a research report on Thursday, February 12th. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Oppenheimer restated an “outperform” rating on shares of Shopify in a research note on Monday, December 1st. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $163.33.

Shopify Company 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.