Capital Group Private Client Services Inc. Sells 164,281 Shares of Shopify Inc. $SHOP

Capital Group Private Client Services Inc. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 65.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 85,475 shares of the software maker’s stock after selling 164,281 shares during the period. Capital Group Private Client Services Inc.’s holdings in Shopify were worth $12,702,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at about $27,000. Rothschild Investment LLC raised its holdings in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new position in Shopify during the third quarter valued at approximately $27,000. Estabrook Capital Management bought a new position in Shopify during the second quarter valued at approximately $29,000. Finally, Vestor Capital LLC purchased a new stake in Shopify in the second quarter worth approximately $34,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wedbush cut their target price on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Barclays set a $130.00 price target on Shopify and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. BNP Paribas Exane initiated coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $165.00 to $200.00 in a research report on Thursday, January 8th. Finally, Royal Bank Of Canada set a $170.00 target price on Shopify and gave the company an “outperform” rating in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $163.33.

Shopify Price Performance

Shares of Shopify stock opened at $133.50 on Tuesday. The company’s fifty day simple moving average is $136.61 and its 200-day simple moving average is $149.12. The stock has a market capitalization of $173.80 billion, a PE ratio of 143.55, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year 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.