Clearbridge Investments LLC Sells 96,986 Shares of Shopify Inc. (NYSE:SHOP)

Clearbridge Investments LLC lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,828,705 shares of the software maker’s stock after selling 96,986 shares during the period. Clearbridge Investments LLC’s holdings in Shopify were worth $619,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Shopify in the 4th quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. National Bank of Canada FI raised its stake in Shopify by 28.0% during 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 period. Finally, Jennison Associates LLC purchased a new position in Shopify in the 4th quarter worth approximately $132,323,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SHOP shares. Canaccord Genuity Group increased their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Evercore ISI lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Oppenheimer lifted their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

Shares of SHOP opened at $96.51 on Friday. The stock has a market capitalization of $124.96 billion, a PE ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. The company has a 50 day moving average price of $110.21 and a 200-day moving average price of $100.78. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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.