Capital International Ltd. CA Sells 33,264 Shares of Shopify Inc. $SHOP

Capital International Ltd. CA reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 8.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 372,581 shares of the software maker’s stock after selling 33,264 shares during the period. Shopify accounts for 2.0% of Capital International Ltd. CA’s portfolio, making the stock its 7th biggest position. Capital International Ltd. CA’s holdings in Shopify were worth $55,369,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Shopify by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock valued at $7,417,517,000 after purchasing an additional 610,129 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. Norges Bank purchased a new stake in Shopify during the second quarter valued at about $1,794,952,000. Loomis Sayles & Co. L P grew its stake in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after buying an additional 191,824 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SHOP shares. Benchmark lowered their price objective on shares of Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Citigroup reiterated a “buy” rating and set a $172.00 target price (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Mizuho upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Thursday, February 12th. Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Monday, February 9th. Finally, BMO Capital Markets set a $160.00 target price on Shopify in a report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $163.33.

Shopify Price Performance

SHOP stock opened at $133.50 on Tuesday. The firm has a market capitalization of $173.80 billion, a P/E ratio of 143.55, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company’s 50 day simple moving average is $136.61 and its 200-day simple moving average is $149.12.

About Shopify

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.