Intech Investment Management LLC Sells 6,922 Shares of Shopify Inc. (NYSE:SHOP)

Intech Investment Management LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 28,168 shares of the software maker’s stock after selling 6,922 shares during the period. Intech Investment Management LLC’s holdings in Shopify were worth $2,259,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Citizens Financial Group Inc. RI grew its position in Shopify by 6.7% during the third quarter. Citizens Financial Group Inc. RI now owns 44,904 shares of the software maker’s stock valued at $3,599,000 after acquiring an additional 2,804 shares during the last quarter. Moors & Cabot Inc. raised its position in Shopify by 79.0% in the 3rd quarter. Moors & Cabot Inc. now owns 6,582 shares of the software maker’s stock worth $527,000 after purchasing an additional 2,905 shares during the period. Anthracite Investment Company Inc. raised its position in Shopify by 21.7% in the 3rd quarter. Anthracite Investment Company Inc. now owns 28,000 shares of the software maker’s stock worth $2,244,000 after purchasing an additional 5,000 shares during the period. First Horizon Advisors Inc. boosted its position in Shopify by 11.2% during the third quarter. First Horizon Advisors Inc. now owns 6,485 shares of the software maker’s stock valued at $520,000 after buying an additional 654 shares during the period. Finally, Kirtland Hills Capital Management LLC lifted its stake in shares of Shopify by 8.4% in the 3rd quarter. Kirtland Hills Capital Management LLC now owns 3,693 shares of the software maker’s stock valued at $296,000 after acquiring an additional 286 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $106.96 on Monday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average price of $85.50 and a 200-day moving average price of $72.18. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The firm has a market capitalization of $138.02 billion, a PE ratio of 99.96, a P/E/G ratio of 2.80 and a beta of 2.36.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent analyst reports. Benchmark restated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Loop Capital boosted their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research report on Tuesday, September 17th. Finally, Evercore ISI increased their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Company Profile

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.