Shopify Inc. $SHOP Shares Sold by Invesco Ltd.

Invesco Ltd. reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 72.7% in the 3rd quarter, Holdings Channel reports. The firm owned 12,774,119 shares of the software maker’s stock after selling 34,051,927 shares during the quarter. Invesco Ltd.’s holdings in Shopify were worth $1,898,362,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. acquired a new position in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC grew its stake in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify in the third quarter valued at about $27,000. Estabrook Capital Management purchased a new stake in shares of Shopify during the 2nd quarter valued at about $29,000. Finally, Vestor Capital LLC purchased a new stake in shares of Shopify during the 2nd quarter valued at about $34,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of analyst reports. Raymond James Financial restated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a “buy” rating in a research note on Thursday, February 12th. Wedbush reduced their target price on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research note on Monday, December 29th. Finally, Bank of America raised their price target on shares of Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $163.38.

Shopify Stock Down 2.6%

Shares of SHOP opened at $126.17 on Friday. The firm has a market cap of $164.25 billion, a price-to-earnings ratio of 135.67, a PEG ratio of 4.65 and a beta of 2.83. The business’s 50 day moving average is $134.60 and its two-hundred day moving average is $148.74. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Shopify Profile

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.