Fifth Third Bancorp Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Fifth Third Bancorp decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.5% in the fourth quarter, HoldingsChannel reports. The fund owned 6,810 shares of the software maker’s stock after selling 1,549 shares during the quarter. Fifth Third Bancorp’s holdings in Shopify were worth $724,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Baillie Gifford & Co. grew its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. FMR LLC grew its stake in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. National Bank of Canada FI raised its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Shopify by 7,928.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock worth $91,513,000 after purchasing an additional 1,127,692 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP opened at $116.69 on Thursday. The company’s 50-day moving average is $109.65 and its two-hundred day moving average is $87.89. The firm has a market capitalization of $150.77 billion, a price-to-earnings ratio of 109.05, a PEG ratio of 2.24 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. Truist Financial increased their price objective on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify 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.