Franklin Resources Inc. Sells 758,185 Shares of Shopify Inc. (NYSE:SHOP)

Franklin Resources Inc. cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% during the 4th quarter, Holdings Channel reports. The fund owned 11,092,913 shares of the software maker’s stock after selling 758,185 shares during the period. Franklin Resources Inc.’s holdings in Shopify were worth $1,179,310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Jennison Associates LLC bought a new position in Shopify in the 4th quarter worth $132,323,000. Watts Gwilliam & Co. LLC lifted its position in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares during the period. Wahed Invest LLC increased its holdings in Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Shopify during the 3rd quarter worth approximately $33,676,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 5.9 %

Shares of SHOP opened at $96.51 on Monday. The stock’s fifty day simple moving average is $110.21 and its 200 day simple moving average is $100.98. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a market capitalization of $124.96 billion, a P/E ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on SHOP shares. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Piper Sandler upped their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. ATB Capital boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Morgan Stanley lifted their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $126.31.

About Shopify

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.